IPs Can Now Offer Services for Implementing of Resolution Plan as Long as Those Services are Outlined in the Plan | IBBI
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- By Chetan Kulasri
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- Last Updated on 4 February, 2024
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CIRCULAR NO. IBBI/IP/65/2024, Dated 31.01.2024
IBBI has notified the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2024. An amendment has been made in Regulation 3 whereby eligibility criteria for Bankruptcy have been relaxed, also Regulation 5(1)(c) has been omitted which means now Insolvency Professionals who served or acting as IRP/RP or liquidators can be appointed as ‘professionals’ by bankruptcy trustees.
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