Amendments in IBBI (CIRP Regulations) 2016

Amendments in IBBI (CIRP Regulations) 2016

Amendments in IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2016

Changes in CIRP timelines

• 5 categories of activities – Nonlinear and parallel
Claims, Assets, Identifying PRAs, Avoidance and those requiring all information
• EoI can be done earlier – Requires minimum information, gives more time to find PRAs
• Limited time for preparation of IM – inadequate information on CD for PRAs
• Filing avoidance application coincides with timeline for submission of resolution plan – No occasion to
provide information regarding avoidance transactions to PRAs

Source

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