IBBI (Insolvency Resolution Process for CPs) (Second Amendment) Regulations, 2019

IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2019 notified on 25^th July 2019

·         Important Amendments in the following Regulations / Sections:

·         Substitution of Regulation 30A relating to “Withdrawal of Application”

·         Changes in Regulation 31 relating to “Insolvency Resolution Process Costs”

·         Insertion of Regulation 39B relating to “Meeting Liquidation Cost”

·         Insertion of Regulation 39C relating to Assessment of Sale as a going concern”

·         Insertion of Regulation 39D relating to “Fee of Liquidator”

·         Changes in Regulation 40A relating to “Model Time-line for CIRP”

·         Substitution of Form FA relating to “Application for withdrawal of CIRP”