Amended notification of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021 (dated – 14.07.2021) – Insolvency and Bankruptcy Board of India
View PdfAmended notification of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021 (dated – 14.07.2021) – Insolvency and Bankruptcy Board of India
- This notification has come into effect 14.07.2021.
- In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter referred to as „the principal regulations‟), in regulation 3,-
- in sub-regulation (1), for the words “a resolution professional”, the words “an interim resolution professional or a resolution professional, as the case may be,” shall be substituted;
- in sub-regulation (2), for the words “a resolution professional”, the words “an interim resolution professional or a resolution professional, as the case may be,” shall be substituted;
- for sub-regulation (3), the following sub-regulation shall be substituted, namely:-
- “(3) An interim resolution professional or a resolution professional, who is a director or a partner of an insolvency professional entity, shall not continue as the interim resolution professional or resolution professional, as the case may be, in a corporate insolvency resolution process, if the insolvency professional entity or any other partner or director of such insolvency professional entity represents any other stakeholder in that corporate insolvency resolution process.”.
- Various insertions and substitutions made.
