IBBI Proposes to Strengthen the Regulatory Framework Governing Monitoring Committees Under IBC

Discussion Paper; Dated: 19.11.2024

The IBBI has released a discussion paper on monitoring committees under CIRP and proposed strengthening the regulatory framework governing monitoring committees under the IBC. While the current framework under Regulation 38 of the CIRP Regulations provides certain basic recognition to monitoring committees, the proposed amendments aim to make their constitution mandatory for the implementation of all resolution plans.

The proposed framework empowers the CoC to take the final decision on the constitution, composition, and functioning period of the monitoring committee, as part of the resolution plan Comments may be submitted electronically by December 9, 2024.

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