New Regulation 3A of IBC Regulations 2016 requiring personnel of Corporate to provide assistance and cooperation to IRP / RP
Salutary new 18.9.2023 amendment to provide for assistance and cooperation by the personnel of the corporate debtor to the Resolution Professional.
Notification dated 18.9.2023 published in Gazette No.645of Government of India Part III Section 4 Extraordinary
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons (Second Amendment) Regulations, 2023.
New Regulation 3A provides for assistance and cooperation by the personnel of the Corporate Debtor to the Resolution Professional
In the past, the experience was that the Resolution Professional had faced insurmountable difficulties in getting custody of the record & assets as also information relating to the record, finances, operation, of the corporate debtor. Now, it is expected that the initially process will be easier and speedy
