India - Government Amends The Norms For The Resolution Process For Corporate Person.

March 14, 2022 by Soniya BK

Notification dated: 09 February 2022

Summary:

On 09 February 2022, the Government of India notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2022 amending the norms for the resolution process for corporate person.

The amendment now allows the Resolution Professional to place proposals made by members before the Committee of Creditors (CoC) representing at least 33% (thirty-three percent) of the voting rights.

Further, a new regulation has been added which mandates preservations of electronic copies of all records relating to the insolvency process for a minimum period of eight years and physical copies for three years from the date of completion of the insolvency process by the resolution professional.

WRITTEN BY

For further information, please contact:

Souvik Ganguly – Acuity Law,
al@acuitylaw.co.in

With a practice of more than seventeen years in the field of Mergers and Acquisitions (which includes domestic and cross-border transactions), Souvik has dealt in complex transactions in highly regulated sectors like aviation, steel, energy, pharmaceuticals, roads, information technology, hospitality, advertising, insurance and media. He has prior to starting Acuity Law, worked in reputed law firms, such as, AZB & Partners and Trowers & Hamlins.