Amendments to Insolvency and Bankruptcy Board of India Regulations
The Insolvency and Bankruptcy Board of India on 16 August, 2017 amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 which will significantly impact the interpretation of the Insolvency and Bankruptcy Code, 2016. The amendment, amongst other changes, introduced a new form (Form F) for submission of claims by creditors other than financial and operational creditors to the interim resolution professional (“IRP”) and inserted regulation 9A was to create a detailed provision for filing and proving claims by other creditors. It may also be pertinent to note that except financial creditors, all other creditors may submit the proof of their claims either physically, by post or electronically.
