IBBI AMENDS RESOLUTION PROCESS REGULATIONS
By INSOL India - Editorial Team Posted On : April 21, 2020
IBBI amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016. In view of the nationwide lockdown in view of Covid-19, it is difficult for the Resolution professional/ Interim resolution professional to conduct meetings and adhere to the norms of the Code. Period of lockdown imposed by the Central Government shall not be counted for the purposes of the time-line for any activity that could not be completed due to the lockdown, in relation to a corporate insolvency resolution process. This would, however, be subject to the overall time-limit provided in the Code and this has been made effective from the date of 29.03.2020.