| Regulation | Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. | Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2024. | Comments |
| Regulation 4D. Operating separate bank account for each real estate project. Newly Inserted | | Where the corporate debtor has any real estate project, the interim resolution professional or the resolution professional, as the case may be, shall operate a separate bank account for each real estate project. | IRP or the RP as the case may be shall operate a separate bank account for each real estate project. |
| Regulation 18. Meetings of the committee. Sub-regulation (1) | A resolution professional may convene a meeting of the committee as and when he considers necessary | A resolution professional shall convene a meeting of the committee before lapse of thirty days from the last meeting: Provided that the committee may decide to extend the interval between such meetings subject to the condition that there shall be at least one meeting in each quarter | RP shall conduct the meeting of COC before the lapse of 30 days from the last meeting. COC may extend the interval but there shall be at least one meeting in each quarter |
| Regulation – 25. Voting by the committee sub-regulation (5), for clause (b) | seek a vote of the members who did not vote at the meeting on the matters listed for voting, by electronic voting system in accordance with regulation 26 where the voting shall be kept open for at least twenty-four hours from the circulation of the minutes. | seek a vote of the members who did not vote at the meeting on the matters listed for voting, by electronic voting system in accordance with regulation 26 where the voting shall be kept open, from the circulation of the minutes, for such time as decided by the committee which shall not be less than twenty-four hours and shall not exceed seven days: Provided that on a request for extension made by a creditor, the voting window shall be extended in increments of twenty-four hours period: Provided further that the resolution professional shall not extend the voting window where the matters listed for voting have already received the requisite majority vote and one extension has been given after the receipt of requisite majority vote | To seek vote from the members who did not vote on the matter with twenty four hours as decided by committee shall not exceed seven days. Further if the extension is made by creditor the voting widow shall be extended for twenty-four hour period. Resolution professional shall not extend the voting window where already majority vote and one extension has been given after receipt of the requisite vote. |
| Regulation – 31B. Approval of committee for insolvency resolution process cost New Regulation inserted | | The insolvency professional shall place in each meeting of the committee, the operational status of the corporate debtor and shall seek its approval for all costs, which are part of insolvency resolution process cost | Each meeting of the committee the insolvency resolution professional has to place the operational status of the corporate debtor and take the approval of all cost which are part of insolvency resolution process cost. |
| Regulation – 35 Fair value and Liquidation value in sub-regulation (1), after clause (a) | | Provided that the resolution professional shall facilitate a meeting wherein registered valuers shall explain the methodology being adopted to arrive at valuation to the members of the committee before computation of estimates | Resolution professional shall facilitate a meeting wherein registered valuers shall explain the methodology being adopted to arrive at valuation to the members of the committee before computation of estimates |
| Regulation – 35 Fair value and Liquidation value sub-regulation (2) | After the receipt of resolution plans in accordance with the Code and these regulations, the resolution professional shall provide the fair value and the liquidation value to every member of the committee in electronic form, on receiving an undertaking from the member to the effect that such member shall maintain confidentiality of the fair value and the liquidation value and shall not use such values to cause an undue gain or undue loss to itself or any other person and comply with the requirements under sub-section (2) of section 29: | After the receipt of resolution plans in accordance with the Code and these regulations, the resolution professional shall provide the fair value, the liquidation value and valuation reports to every member of the committee in electronic form, on receiving an undertaking from the member to the effect that such member shall maintain confidentiality of the fair value, the liquidation value and valuation reports and shall not use the information contained in the valuation reports to cause an undue gain or undue loss to itself or any other person and comply with the requirements under sub-section (2) of section 29.” | The resolution professional after the receipt of resolution plan shall provide fair value liquidation value and valuation report to the COC in electronic form after taking the undertaking and declaration from the COC members that they will maintain confidentiality |
| Regulation 36. Information memorandum. in sub-regulation (2), after clause (k) | | (ka) fair value: Provided that the committee may decide not to disclose the fair value if, for reasons to be recorded in writing, it considers such non-disclosure to be beneficial for the resolution process | Fair value should also be given in information memorandum. Further committee may decide not to disclose the fair value if, for reasons to be recorded in writing, it considers such non-disclosure to be beneficial for the resolution process |
| Regulation 36A. Invitation for expression of interest. after sub-regulation (1) the clarification is inserted | | The resolution professional after the approval of the committee may invite a resolution plan for each real estate project or group of projects of the corporate debtor | Resolution professional after the approval of committee may invite a resolution plan for each real estate project or group of projects of the corporate debtor |
| Regulation38- Mandatory contents of the resolution plan. after sub-regulation (3) | | (4) The committee may consider the requirement of a monitoring committee for the implementation of the resolution plan. (5) Where the committee considers that a monitoring committee for the implementation of the resolution plan is required, it may, while approving the resolution plan, decide to constitute the same with the resolution professional or propose another insolvency professional, or any other person as its members Provided that where the resolution professional is proposed to be part of the monitoring committee, the monthly fee payable to him shall not exceed the monthly fee received by him during the corporate insolvency resolution process | COC should consider the monitoring committee requirements for implementing the resolution plan. Where the committee considers that a monitoring committee for the implementation of the resolution plan is required, it may, while approving the resolution plan, decide to constitute the same with the resolution professional or propose another insolvency professional, or any other person as its members. The resolution professional is proposed to be part of the monitoring committee, the monthly fee payable to him shall not exceed the monthly fee received by him during the corporate insolvency resolution process |
| Regulation 40. Extension of the corporate insolvency resolution process period after sub-regulation (2) clarification is inserted | | It is clarified that the resolution professional shall continue to discharge his responsibilities under the corporate insolvency resolution process, till the application for extension is decided by the Adjudicating Authority.” | Resolution professional shall continue to discharge his responsibilities under the corporate insolvency resolution process, till the application for extension is decided by the Adjudicating Authority |
