Alerts & Updates 5th Jul 2018
Further to the promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 on 6 June 2018 (“2018 Ordinance”), the Insolvency and Bankruptcy Board of India (“IBBI”) has substantially amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”) vide the IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018, dated 3 July 2018 (“CIRP Amendment”) (available here).
The key highlights of the CIRP Amendment are:
We have attached herewith a brief snapshot and summary of the key amendments along with the model timelines proposed for the CIRP.