IBBI amends rules to enhance creditor representation in insolvency process

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IBBI amends rules to enhance creditor representation in insolvency process - Business Standard

Quick Summary:

"The amendment regulations provide for the appointment of an interim representative who will act as a representative for a class of creditors during the period when the application for appointment of the authorised representative is under consideration of the adjudicating authority for approval," IBBI said in a release.

The board notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations 2024 on September 24.

The IBBI has amended the Insolvency Resolution Process for Corporate Persons norms to introduce significant changes to enhance creditor representation in the insolvency process.