New Delhi, July 21 (TIWN) The Insolvency and Bankruptcy Board of India (IBBI) has come out with new regulations with respect of the insolvency resolution process for corporate persons that empowers resolution professionals (RPs) to hire the services of professionals to help conduct complex resolution processes.

The changes, made by amending the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, has also made RPs responsible for finding out if a corporate debtor (CD) has been subject to avoidance transactions, namely, preferential transactions, undervalued transactions, extortionate credit transactions, fraudulent trading and wrongful trading, and file applications in a time-bound manner with the Adjudicating Authority seeking appropriate relief.