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IBBI Amends Insolvency Process for Corporate Persons Norms | Mandates Opening of a Separate Bank Account By IRP/RP

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Insolvency Process for Corporate Persons Norms

Notification No. IBBI/2023-24/GN/REG113 dated: 15.02.2024

The IBBI has notified the Insolvency Resolution Process for Corporate Persons (Amendment) Regulations, 2024. A new Reg. 4D has been inserted which mandates the opening of a separate bank account for each real estate project by the Interim Resolution Professional (IRP) or the Resolution Professional (RP).

Further, the IP must place in each committee meeting, the operational status of the corporate debtor and must seek its approval for all costs, which are part of IRP costs.

Click Here To Read The Full Notification

The post IBBI Amends Insolvency Process for Corporate Persons Norms | Mandates Opening of a Separate Bank Account By IRP/RP appeared first on Taxmann Blog.

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