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Economy
Pradeep Kumar

22/07/21 09:00 AM IST

IBBI amends regulations for insolvency process

In news

The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations.

Details
  • A resolution professional is duty-bound to find out if a Corporate Debtor (CD) has been subject to avoidance transactions, namely, preferential transactions, undervalued transactions, extortionate credit transactions, fraudulent trading and wrongful trading, and file applications with the adjudicating authority seeking appropriate relief.
  • As per the amendments, the resolution professional has to file Form CIRP 8 electronically on IBBI's platform, informing about his or her opinion related to avoidance transactions.
  • CIRP stands for Corporate Insolvency Resolution Process.
The Insolvency and Bankruptcy Board of India
  • It was established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016 (Code).
  • It is a key pillar of the ecosystem responsible for implementation of the Code that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.
Source: The Hindu, PIB

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