Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021
The Insolvency and Bankruptcy Board of India has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
It has been inter alia provided that an interim resolution professional or a resolution professional, who is a director or a partner of an insolvency professional entity, shall not continue as the interim resolution professional or resolution professional in a corporate insolvency resolution process, if the insolvency professional entity or any other partner or director of such insolvency professional entity represents any other stakeholder in that corporate insolvency resolution process.
Further, a new regulation 4B has been added as under:
4B. Disclosure of change in name and address of corporate debtor.
Where a corporate debtor has changed its name or registered office address during the period of two years preceding the insolvency commencement date, the interim resolution professional or resolution professional, as the case may be, shall disclose all the former name(s) and registered office address(es) so changed along with the current name and registered office address in every communication, record, proceeding or any other document.
Also, Regulation 27 has been substituted as under:
27. Appointment of Professionals
Download Notification Click Here >>
- GST Act requires personal hearing either on request, or when adverse order is contemplated
- Once registration u/s 12A granted, registration u/s 80G cannot be refused – SLP dismissed
- NFAC dismissed appeal despite part reply filed and further time sought – case remanded
- In DBFOT contract assessee entitled to depreciation on “Right to Collect Toll” as intangible asset
- Appellate remedy is created to rest dispute, not to accelerate it – ITAT remands the case
(2nd Amendment) Regulations 2021){kind=link}