IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2018

The major changes introduced vide amendment are:
• The minutes of the meeting by electronic means will be circulated to creditors along with authorized representative(s) also.
• The authorized representative shall exercise the votes either by electronic means or through the electronic voting system as per the voting instructions received by him from the financial creditors which will enable a creditor, who could not vote on a matter before the meeting, to vote after minutes of the meeting are circulated.
• Payment to operational creditors has been prioritized over financial creditors.