The Insolvency and Bankruptcy Board of India on 9th February 2022, has published the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2022 to further amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
Through this amendment, regulation 18 which deals with meeting of the committee has been substituted as follows:
A resolution professional may convene a meeting of the committee as and when he considers necessary and if he considers it necessary, on a request received from members of the committee and shall convene a meeting if the same is made by members of the committee representing at least thirty three per cent of the voting rights.
Further regulation 39A which deals with preservation of records has been substituted as follows:
The interim resolution professional or the resolution professional, as the case may be, shall preserve copies of all such records which are required to give a complete account of the corporate insolvency resolution process.
The interim resolution professional or the resolution professional, as the case may be, shall preserve copies of records relating to or forming the basis of: – his appointment as interim resolution professional or resolution professional, including the terms of appointment, handing over / taking over of the assignment, admission of corporate debtor into corporate insolvency resolution process, public announcement etc.
Further the professional shall preserve:
- electronic copy of all records (physical and electronic) for a minimum period of eight years; and
- a physical copy of records for a minimum period of three years.
from the date of completion of the corporate insolvency resolution process or the conclusion of any proceeding relating to the corporate insolvency resolution process, before the Board, the Adjudicating Authority, Appellate Authority or any Court, whichever is later.
