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TMI BlogInsolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2025X X X X Extracts X X X X X X X X Extracts X X X X ..... the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2025. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, (hereinafter referred to as 'the principal regulations'), after regulation 4D, the following regulation shall be inserted, namely:- "4E. Handing over the possession. After obtaining the approval of the committee with not less than ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s cost. (2) The committee may replace the facilitator on the recommendation of a majority of the members of the sub-class. 16D. Roles and responsibilities of the facilitator. The roles and responsibilities of the facilitator(s) shall include the following:- (a) facilitating communication between the authorised representative and the creditors of the sub-class; (b) attending the meetings of the committee, as observers, to facilitate communication between creditors of the respective sub-class; (c) providing information and clarifications to the creditors in a sub-class about the insolvency resolution process, as per advice of the authorised representative; and (d) any other tasks assigned by the committee to improve representati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regulation (1) of regulation 16C." 7. In the principal regulations, in regulation 36A, in sub-regulation (4), (i) in clause (c), for the mark and word "; and", the mark ";" shall be substituted. (ii) in clause (d), for the mark and word "interest.", the words and mark "interest; and" shall be substituted. (iii) after clause (d), the following clause shall be inserted, namely: - "(e) provide details of the corporate debtor's registration status as a micro, small, or medium enterprise in accordance with the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006)." (iv) after clause (e) so inserted, the following proviso shall be inserted, namely: - "Provided that where the corporate debtor has any real estate p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sentatives of resolution applicant(s), as its members: Provided that where the resolution professional is proposed to be part of the monitoring committee, the monthly fee payable to him shall not exceed the monthly fee received by him during the corporate insolvency resolution process. (c) The monitoring committee shall submit quarterly reports to the Adjudicating Authority regarding the status of implementation of resolution plan." 10. In the principal regulations, in Schedule-I, in Form G, after row number 16, the following row shall be inserted, namely: - SL. RELEVANT PARTICULARS 17. Details of the corporate debtor's registration status as MSME. MR. RAVI MITAL, Chairperson [ADVT.-III/4/Exty./947/2024-25] Note:--The Insolvency ..... X X X X Extracts X X X X X X X X Extracts X X X X
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