9th February, 2022
Press Release
The Insolvency and Bankruptcy Board of India (IBBI/Board) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2016 (CIRP Regulations) on 9th February, 2022.
2. The Board has issued various circulars from time to time to deal with various issues that have arisen or may arise during the corporate insolvency resolution process and for better implementation of the Code.
3. The Board has reviewed the circulars for ease of compliance and for integrating the directions given through circulars into the relevant Regulations. Consequently, substance from the following circulars have been made a part of the CIRP Regulations :
| Circular No. and Date of issue | Subject matter | Relevant CIRP Regulation amended |
| IBBI/CIRP/2021 issued on 16 April, 2021 | Clarification – Consideration of matters / issues by the committee of creditors on request by members of the committee | Regulation 18 |
| IBBI/CIRP/38/2021 issued on 6 January, 2021 | Retention of records relating to Corporate Insolvency Resolution Process | Regulation 39A |
- The amended regulations are effective from 9th February, 2022. These are available at
www.mca.gov.in and www.ibbi.gov.in.
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