March 16, 2021
Summary of the notification issued by IBBI on 15/03/2021
IBBI amends Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Through this amendment –
– a creditor shall now update its claim with the Interim Resolution Professional/ Resolution Professional (IRP/RP), as and when the claim is satisfied, partly or fully, from any source in any manner, after the insolvency commencement date.
– Where the mandated activity as indicated in 40(1A) of the said Rule is not complete by the date specified therein, the IRP/RP, as the case may be, shall file Form CIRP 7 within three days of the said date, and continue to file Form CIRP 7, every 30 days, until the said activity remains incomplete
This notification is integrated in our free-to-use website www.ca2013.com for your ready reference.