The Insolvency and Bankruptcy Board of India (IBBI) on Thursday has notified the Insolvency Resolution Process for Corporate Persons (Amendment) Regulations, 2024. A new regulation 4D has been inserted.
“4D. Operating separate bank account for each real estate project.
Where the corporate debtor has any real estate project, the interim resolution professional or the resolution professional, as the case may be, shall operate a separate bank account for each real estate project.”
As per new regulation it is mandatory to open separate bank account for each real estate project by IRP/RP. Further the notification states that the insolvency professional shall place in each meeting of the committee, the operational status of the corporate debtor and shall seek its approval for all costs, which are part of insolvency resolution process costs.
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