IBBI Bars Late Selection of Insolvency Professional as Authorised Representative Under Amended IRP Norms
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- Last Updated on 26 September, 2024
Notification No. IBBI/2024-25/GN/REG116; Dated: 24.09.2024
IBBI has notified the IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2024. As per the amended norms, the choice of an insolvency professional to act as an authorised representative by a financial creditor in Form CA must not be considered, if Form CA is received after the time stipulated in public announcement. Further, the IP selected must be entitled to attend committee meetings and have the rights and duties of an authorised representative.
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