CIRP regulations (IBC): 7th Amendment - disclosure of Beneficial Ownership and 32A eligibility

The IBBI in its recent amendment to the IBBI (Insolvency Resolution Process for Corporate Persons), Regulations (CIRP Regulations) has introduced the requirements for disclosure of beneficial ownership and eligibility/non-eligibility for benefits of section 32A of Insolvency and Bankruptcy Code, 2016 by the prospective resolution applicants (PRAs) as part of submission of resolution plan.