Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 as follows:
Ø It requires an insolvency professional (IP) conducting CIRP to disclose all former names and registered office address(es) so changed in the two years preceding the commencement of insolvency along with the current name and registered office address of the Corporate Debtor(CD), in all its communications and records.
Ø It provides the Interim Resolution Professional (IRP) /Resolution Professional (RP) to appoint a professional, other than registered valuers, if he is of the opinion that the services of such professional are required and such services are not available with the Corporate Debtor.
Ø It requires the RP to file Form CIRP 8 on the electronic platform of the Board, intimating details of his opinion and determination in respect of avoidance transactions.
This will enhance the discipline, transparency, and accountability in corporate insolvency proceedings.
(Press Release No. IBBI/PR/2021/15 Dtd 20.07.2021)