The IBB vide notification dated June 14, 2017 has notified the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 (“Regulations, 2017”). The Regulations include various provisions relating to the eligibility of resolution professionals, proof pf claims, committee of creditors and their meetings and voting, conduct of the fast track process and the passing of the resolution plan. The salient features of the Regulations, 2017 are:
The Regulations further elaborate on the mandatory contents of a resolution plan, and the process to be followed for its approval.
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