Quick Summary
The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 on 14thJuly, 2021 The amendment regulations enhance the discipline, transparency, and accountability in corporate insolvency proceedings: A corporate debtor (CD) may have changed its name or registered office address prior to commencement of insolvency. The stakeholders may find it difficu
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FAQ :
The amendments aim to enhance discipline, transparency, and accountability in corporate insolvency proceedings.
Insolvency professionals must now disclose all former names and registered office addresses of a corporate debtor that have changed in the two years prior to the insolvency commencement.
An interim or resolution professional can appoint a professional, other than registered valuers, if they believe the company does not have the necessary services available internally.
Appointments must be made through an objective and transparent process on an arm's length basis, with invoices raised in the professional's name and paid directly into their bank account.
The resolution professional must identify if a corporate debtor has been involved in avoidance transactions and file applications with the Adjudicating Authority for relief.
Form CIRP 8 is an electronic filing required by the RP to report their opinion and determination regarding avoidance transactions. It must be filed for every CIRP ongoing or commencing on or after 14th July 2021.
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