Home Circulars & Notifications IBBI Notifies Insolvency Resolution Process For Corporate Persons (Fifth Amendment) Regulations, 2020

IBBI Notifies Insolvency Resolution Process For Corporate Persons (Fifth Amendment) Regulations, 2020

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The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency Resolution Process for Corporate Persons (Fifth Amendment) Regulations, 2020 which seeks to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

“The resolution professional shall, within fifteen days of the order of the Adjudicating Authority approving a resolution plan, intimate each claimant, the principle or formulae, as the case may be, for payment of debts under such resolution plan: Provided that this sub-regulation shall apply to every corporate insolvency resolution process ongoing and commencing on or after the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020.” said in the notification.

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