IBBI Amends Insolvency Process for Corporate Persons Norms | Mandates Opening of a Separate Bank Account By IRP/RP
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- By Chetan Kulasri
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- Last Updated on 18 February, 2024
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Notification No. IBBI/2023-24/GN/REG113 dated: 15.02.2024
The IBBI has notified the Insolvency Resolution Process for Corporate Persons (Amendment) Regulations, 2024. A new Reg. 4D has been inserted which mandates the opening of a separate bank account for each real estate project by the Interim Resolution Professional (IRP) or the Resolution Professional (RP).
Further, the IP must place in each committee meeting, the operational status of the corporate debtor and must seek its approval for all costs, which are part of IRP costs.
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