Insolvency regulator IBBI has taken another significant step to enhance transparency and accountability in corporate insolvency proceedings, making it mandatory for the resolution professional (RP) to submit the details of his opinion and determination of avoidance transactions undertaken by a company facing insolvency process.
A separate form has now been prescribed by the Insolvency and Bankruptcy Board of India for this purpose and this has to be filed electronically with the regulator. This form (CIRP 8) needs to be filed in respect of every Corporate Insolvency Resolution Process (CIRP) ongoing or commencing on or after July 14, IBBI has said in a circular.
IBBI unveils new regime on resolution professionals appointment
This new re…
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