RP must maintain digital records for eight years, physical for three: IBBI

Board amends CIRP rules to empower resolution professionals to convene a meeting of committee of creditors regardless of whether or not they have made such a request

The Insolvency and Bankruptcy Board of India has amended Corporate Insolvency Resolution Process regulations to empower resolution professionals (RP) to convene a meeting of the committee of creditors (CoC) regardless of whether or not they have made a request for it.  The RP has also been mandated to preserve electronic copy of all records for a period of eight years and physical copy of records for a minimum period of three years from the date of completion of the corporate insolvency resolution process, by the IBBI.

The newly inserted regulation 18(3) allows the RP to put forward a proposal in