The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018.
In a significant move, the Insolvency and Bankruptcy Board of India (IBBI) has mandated that a resolution professional should determine whether a corporate debtor had indulged in fraudulent transactions within a specified time period during the resolution process. With the amended norms, there is more clarity on procedural requirements for various classes of creditors, including home buyers.
Source- Press Information Bureau (PIB)
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