Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2024

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. Furt