Insolvency Resolution Process for Corporate Persons amended
The Insolvency and Bankruptcy Board of India (“IBBI”), vide Notification dated December 31, 2017, has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“Regulations”).
Following are the notable amendments to the Regulations:
- The definition of dissenting financial creditor has now been amended to mean a financial creditor who voted against the resolution plan or abstained from voting for the resolution plan, approved by the committee.
- Regulation 35 of the Regulations, dealing with Liquidation Value now mandates that the resolution professional shall provide the liquidation value to every member of the committee in electronic form. Further, each member, interim resolution professional and resolution professional are required to keep such liquidation value confidential and not use such information to cause an undue gain or undue loss to itself or any other person.