Regulation 28 - Transfer of debt due to creditors. - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

Transfer of debt due to creditors. 28. 1 [ (1) In the event a creditor assigns or transfers the debt due to such creditor to any other person during the insolvency resolution process period, both parties shall, within seven days of such assignment or transfer, provide the interim resolution professional or the resolution professional, as the case may be, the terms of such assignment or transfer and the identity of the assignee or transferee. ] (2) The resolution professional shall notify each participant and the Adjudicating Authority of any resultant change in the committee within two days of such change. **************** NOTES:- 1. Substituted vide Notification No. IBBI/2023-24/GN/REG106 dated 18-09-2023 before it was read as, (1) In the event a creditor assigns or transfers the debt due to such creditor to any other person during the insolvency resolution process period, both parties shall provide the interim resolution professional or the resolution professional, as the case may be, the terms of such assignment or transfer and the identity of the assignee or transferee.