The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2022.
The fee under this regulation may be paid from the funds, available with the corporate debtor, contributed by the applicant or members of the committee and/or raised by way of interim finance and shall be included in the insolvency resolution process cost.
The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2022.
An insolvency professional shall not accept /share any fees or charges from any professional and/or support service provider who are appointed under the processes.
The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022.
As per clause 15A, an insolvency professional shall prominently state in all his communications to a stakeholder, his name, address, e-mail, registration number and validity of authorisation for assignment, if any, issued by the insolvency professional agency of which he is a member.
The Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) (Amendment) Regulations, 2022.
The disciplinary proceedings shall be conducted in accordance with the provisions of the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017.
The International Financial Services Centres Authority (Finance Company) (Amendment) Regulations, 2022.
A Finance Unit can be set up if the applicant is an incorporated entity in its home jurisdiction.
Provided that a Finance Unit can be set up for undertaking core activities as specified in these regulations only if the applicant, being an incorporated entity in its home jurisdiction, is engaged in the business of financial services and is regulated by a financial sector regulator in its home jurisdiction and has obtained a No-Objection Certificate from the home regulator for setting up a Finance Unit in the IFSCs, wherever applicable.
IBBI publishes Discussion paper on changes in the corporate insolvency resolution process to reduce delays and improve the resolution value.
Regulation 40A of the CIRP Regulations provides the timelines for activities in a CIRP. At present, timelines are seemingly presented in a linear manner creating a false impression that the activities are to be performed in a sequential manner.
The Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022.
The mechanism of complaint/ grievance redressal and subsequent enforcement action has been amended to have expeditious redressal and also to avoid placing undue burden on the service providers.
Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2022
The amendment provides that before filing an application to initiate corporate insolvency resolution process, the creditor shall file the information of default, with the information utility and the information utility shall process the information for the purpose of issuing record of default.
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022.
In order to improve information availability, the amendment places a duty on corporate debtor, its promoters or any other person associated with the management of the corporate debtor to provide the information in such format and time as sought by the resolution profession
Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2022
In relation to the liquidation processes commenced prior to the commencement of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019, the requirements of this regulation as existing before such commencement, shall apply.
