Insolvency Resolution Process for Corporate Persons Regulations · IBBI/2016-17/GN/REG004

What changed

The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, govern the corporate insolvency resolution process. These regulations define the procedures for committee of creditors meetings, voting, appointment of professionals, and the submission of resolution plans. They establish timelines for key activities, including the appointment of registered valuers, submission of information memoranda, and the invitation for expressions of interest. The regulations also mandate the disclosure of insolvency resolution process costs and set minimum fee structures for insolvency professionals. The framework requires the resolution professional to maintain records, manage the corporate debtor, and facilitate the resolution process while ensuring transparency and compliance with the Insolvency and Bankruptcy Code, 2016.