The Insolvency and Bankruptcy Board of India (IBBI) has notified the new provision related to the Preservation of records in IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
The board has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2022.
In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, regulation 18 shall be substituted in respect of the Meetings of the committee which says that a resolution professional may convene a meeting of the committee as and when he considers necessary. A resolution professional may convene a meeting if he considers it necessary, on a request received from members of the committee and shall convene a meeting if the same is made by members of the committee representing at least thirty-three percent of the voting rights. A resolution professional may place a proposal received from members of the committee in a meeting if he considers it necessary and shall place the proposal if the same is made by members of the committee representing at least thirty-three percent of the voting rights.
Regulation 39A in respect of Preservation of records has been added which states that the interim resolution professional or the resolution professional, as the case may be, shall preserve copies of all such records which are required to give a complete account of the corporate insolvency resolution process.
The interim resolution professional or the resolution professional shall preserve an electronic copy of all records (physical and electronic) for a minimum period of eight years; and a physical copy of records for a minimum period of three years; from the date of completion of the corporate insolvency resolution process or the conclusion of any proceeding relating to the corporate insolvency resolution process, before the Board, the Adjudicating Authority, Appellate Authority or any Court, whichever is later.
The interim resolution professional or the resolution professional shall preserve the records at a secure place and shall be obliged to produce records as may be required under the Code and the Regulations.
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