The Insolvency and Bankruptcy Board of India (IBBI) has amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP), which took immediate effect and has been published in the official gazette.
The updated rules allow for improved participation and performance of the resolution professional, committee of creditors (CoC) and financial creditors.
Resolution professionals can now invite expressions of interest for submission of resolution plans for a corporate debtor, either as a whole or for the sale of one or more assets. This requires CoC approval. The resolution professional will also present all the resolution plans submitted to the CoC, so it has access…