Home Rules & Regulations The IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021

The IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021

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The IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021
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The Insolvency and Bankruptcy Board of India (IBBI) on 14th July has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021 to further amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

A new regulation 4B has been inserted which deals with disclosure of change in name and address of the corporate debtor.

Where a corporate debtor has changed its name or registered office address during the period of two years preceding the insolvency commencement date, the interim resolution professional or resolution professional, as the case may be, shall disclose all the former name(s) and registered office address(es) so changed along with the current name and registered office address in every communication, record, proceeding or any other document.

Further under regulation 27 the resolution professional shall, within seven days of his appointment but not later than forty-seventh day from the insolvency commencement date, appoint two registered valuers to determine the fair value and the liquidation value of the corporate debtor in accordance with regulation 35.

The interim resolution professional or the resolution professional, as the case may be, may appoint any professional, in addition to registered valuers under sub-regulation (1), to assist him in discharge of his duties in conduct of the corporate insolvency resolution process, if he is of the opinion that the services of such professional are required and such services are not available with the corporate debtor.

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