On 31st December 2017, The Insolvency and Bankruptcy Board of India ("IBBI/the Board") has amended Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
IBBI has substituted the definition of "dissenting financial creditor". Now the dissenting financial creditor also includes financial creditor abstained from voting for the resolution plan, approved by the committee. IBBI has amended sub clause (3) of the Regulation 35, stating that the Resolution Professional will provide the liquidation value to every member of the committee in electronic form, on receiving an undertaking from the member to the effect that such member shall maintain confidentiality of the liquidation value. IBBI has inserted Sub clause (4) in the Regulation 35 stating that Resolution professional will also maintain the confidentiality of the liquidation value.
The IBBI has made one more amended to the Regulation 39 stating that now the resolution applicant has to submit the resolution plan within the given time frame in the invitation made under clause (h) of the section 25(2)
- Same above amendment has been made to Insolvency and Bankruptcy Board of India (Fast Track Insolvency Process for Corporate Person) Regulations 2017.
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