CIRP Regulation 40 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 – Extension of the corporate insolvency resolution process period

The Insolvency and Bankruptcy Code, 2016 IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 Chapter-X Resolution […]

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The Insolvency and Bankruptcy Code, 2016

IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

Chapter-X Resolution Plan

Regulation 40: Extension of the corporate insolvency resolution process period.

40. (1) The committee may instruct the resolution professional to make an application to the Adjudicating Authority under section 12 to extend the insolvency resolution process period.

(2) The resolution professional shall, on receiving an instruction from the committee under this Regulation, make an application to the Adjudicating Authority for such extension.

1[Clarification: 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.]


References

1. Inserted by IBBI (CIRP) (Amendment) Regulations, 2024 vide Notification No. IBBI/2023-24/GN/REG113 dated 15th February, 2024, w.e.f. 15.02.2024.



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