The Insolvency and Bankruptcy Board of India (“IBBI”) notified the IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2022 on September 16, 2022 and the IBBI (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2022 on September 20, 2022. The amendments reflect the intent and effort of IBBI to continuously evolve the corporate insolvency resolution process towards furthering the main objective of the Insolvency and Bankruptcy Code, 2016 being time bound insolvency resolution with maximisation of value.
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