By Shreya Routh (firstname.lastname@example.org)
“Tough times do not define you, they rather refine you”- is perhaps the quote which the Insolvency and Bankruptcy Code, 2016 seeks to achieve. The Insolvency and Bankruptcy Code, 2016 (“Code”) tries to refine the tough times which the corporate debtor goes though during the corporate insolvency resolution process. With an objective of bringing more clarity in the process of resolution, IBBI has come out with yet another amendment in the form of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018, (“Amended Regulations”).
Following major amendments have been brought:
- Report certifying constitution of the committee of creditors
- Notice and voting at the meeting of the committee of creditors
- Invitation of Resolution Plan and Request for Resolution Plan
- Withdrawal of the CIRP Applications
- Regulations with respect to class of creditors
- Regulations with respect to authorised representatives of resl-estate buyers
This write up deals with the points 1 to 3.