IBBI amends rules for corporate resolution, voluntary liquidation process

"The resolution plan, which receives the highest votes, but not less than sixty-six percent of voting share, shall be considered as approved," it added

The Insolvency and Bankruptcy Board of India (IBBI) has amended regulations pertaining to resolution process for corporate persons as well as voluntary liquidation.

The Insolvency and Bankruptcy Code (IBC) envisages appointment of an authorised representative by the adjudicating authority to represent financial creditors in a class, like allottees under a real estate project, in the Committee of Creditors (CoC).

In this regard, regulations require the interim resolution professional to offer a choice of three insolvency professionals in the public announcement, and the creditors in a class to choose one of them to act as their authorised representative.

The latest amendments