Regulations on insolvency resolution for corporate persons notified

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New Delhi, July 4 (IANS) The government on Wednesday notified the Insolvency and Bankruptcy Board of India (IBBI) “Insolvency Resolution Process for Corporate Persons” regulations, 2018.

“The regulations provide that wherever the corporate debtor has classes of creditors having at least ten creditors in the class, the interim resolution professional shall offer a choice of three insolvency professionals in the public announcement to act as the authorised representative of creditors in each class,” the IBBI said in a statement.

“A creditor in a class may indicate its choice of an insolvency professional, from amongst the three choices provided by the interim resolution professional, to act as its authorised representative,” it added.

–IANS

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