Independent directors required to register in data bank

The Ministry of Corporate Affairs on 2nd December 2019 has launched the data-bank of independent directors under which all independent directors and candidates shall register. The companies can appoint independent directors only from the data-bank from now on. Passing the qualifying examination within 12 months shall be mandatory for independent directors from March 2020.

IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

IBBI vide new amendment to its regulations has altered the corporate insolvency resolution process. A new resolution plan by way of merger, amalgamation and demerger of corporate debtors is provided and resolution professionals and insolvency professionals are provided with a new timeline and an electronic platform to make filings. A new order of priority for repayment of, and a new system for representation and voting in resolutions of, creditors is also provided by the amendment.