Recent changes to CIRP Regulations streamline the process by allowing the handover of the unit’s possession to homebuyers while the resolution process is still ongoing.
The proposed amendments to the CIRP Regulations address key aspects including cost reduction for smaller companies, guarantor liability, etc.
The Insolvency and Bankruptcy Board of India has brought in certain amendments to streamline and optimise the insolvency resolution process.
IBBI’s new measures seek to pave the way for the efficient conduct of processes by IPs and facilitate IPEs to undertake activities of an IP.
Though IBBI’s paper addresses the issues faced in the insolvency processes of real estate projects, the draft regulations need fine-tuning.
Recently on August 28, 2022, a three-judge bench of the Supreme Court of India delivered a judgement in R.K. Industries (Unit-II) LLP vs. H.R. Commercials Private Limited and Others , interpreting the provisions of IBC concerning the powers of the liquidator vis-à-vis mode of sale of assets by the liquidator.
Read an analysis of the compensation scheme for an Insolvency Professional for rendering support to the corporate debtor throughout CIRP.
