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Amendments in IBBI Regulations for More Transparency

Published on July 23, 2021
Current Context: The Insolvency and Bankruptcy Board of India (IBBI) has amended Insolvency and Bankruptcy Board of India (IBBI) Regulations, 2016.
Amendments in IBBI Regulations for More Transparency
  • The amendments will grant discipline, transparency, accountability in corporate insolvency processes.
  • The resolution professionals (RPs) are supposed to inform the adjudicating authority about avoidance transactions of a corporate debtor.
  • This will lead to reorganization of the corporate debtor through a resolution plan, disincentives such transactions and will thus reduce stress on the company.
  • The new rules will allow RP to appoint any professional who will assist during the corporate insolvency resolution process (CIRP).
  • The RPs are also supposed to disclose all former names and registered office addresses which are changed in the two years preceding the commencement of insolvency.
  • The RP is supposed to file Form CIRP 8 on the electronic platform of the board which will give details about the opinion and determination for avoiding transactions on or before the 140th day of the insolvency commencement date.
  • Static Part: 
    • HQ of IBBI: New Delhi
    • Chairperson of IBBI: MS Sahoo

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