Home Press Releases IBBI Amends Regulations Relating To Corporate Insolvency Proceedings

IBBI Amends Regulations Relating To Corporate Insolvency Proceedings

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The Insolvency and Bankruptcy Board of India (IBBI) amended Regulations relating to corporate insolvency proceedings which came to be known as the Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2020.

The IBBI amended the Regulations to enable a creditor to assign or transfer the debt due to it to any other person in accordance with the laws for the time being in force dealing with such assignment or transfer.

To facilitate quick closure of the liquidation process, the IBBI amended the Regulations to enable the liquidator to assign or transfer a ‘not readily realisable asset’ to any person in consultation with the stakeholders’ consultation committee.

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