February 11, 2022
Summary of the notification issued by IBBI on 09/02/2022
IBBI amends Corporate Insolvency Resolution Process(CIRP) Regulations Key highlights of the amendment are:
1. Meeting of the Committee:
a. Resolution Professional (RP) may convene a meeting of the committee at the request of members representing at least 30% of the voting rights, only if RP considers it necessary (as against the earlier obligation to convene a meeting when RP receives such request).b. RP shall place the proposals received from the committee members representing atleast 30% of the voting rights in the meeting and in any other case, RP may do so if he/she considers it to be necessary.
2. Preservation of Records by RP/IRP:
a. The indicative list of records which shall be maintained by the IRP/RP is specified, in addition to the general requirement to preserve all records in connection to the CIRP.b. Such copies shall be preserved in electronic and physical formats for a minimum period of 8 years and 3 years respectively from the date of completion/conclusion of proceeding of CIRP.c. IRP/RP shall preserve such records for the specified time irrespective of the fact that he/she didn’t take up the assignment from its commencement or continued till its conclusion.
This notification is integrated in our free to use website ca2013.com.
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