Supreme Court: Non-Signatory That is Not a Veritable Party Cannot Invoke an Arbitration Clause  ||  SC: Bail Can't be Cancelled For Police Non-Appearance Once Chargesheet is Filed and Trial is Attended  ||  SC: New Arbitration Bill Fails To Provide a Statutory Appeal Against Tribunal Termination Orders  ||  SC: Employees Who Resign or Retire After Five Years of Service Are Entitled to Receive Gratuity  ||  SC: Employees Who Resign or Retire After Five Years of Service Are Entitled to Receive Gratuity  ||  Supreme Court: Higher Courts Should Avoid Unnecessary Remand of Cases to Lower Courts  ||  J&K&L HC: Under SARFAESI Act, Borrower's Right To Redeem a Secured Asset Ends With Auction Notice  ||  Calcutta HC: Income Tax Returns Can Be Used to Assess Victim's Income; ?39 Lakh Compensation Granted  ||  Delhi HC: Woman's Right to a Shared Household Does Not Allow Indefinite Occupation of In-Laws' Home  ||  Delhi HC: Director Disputes in a Company Do Not Qualify as Genuine Hardship to Delay ITR Filing    

Amendment to the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016- (Insolvency and Bankruptcy Board of India) (01 Nov 2022)

MANU/NMIC/0476/2022

Insolvency

1. The Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (Model Bye laws Regulations) lay down the governance structure and provides for model bye laws of the Insolvency Professional Agencies (IPA).

2. The Board had issued three circulars, namely, (i) circular No. IP/005/2018 dated January 16, 2018 specifying the format for disclosure of relationship by the insolvency professional (IP) (ii) circular no. IPA/009/2018 dated April 19, 2018 mandating IPAs to submit Annual Compliance Certificate in the format given in the circular and (iii) circular No. IBBI/IPA/43/2021 dated July 28, 2021 specifying the list of contraventions by IP and the amount of penalty to be imposed by IPAs.

3. The Board has notified Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022 on November 01, 2022, vide which provisions of aforesaid circulars have been incorporated in the Model Bye Laws Regulations and the said circulars stand rescinded. By the said amendment, no change in the list of contraventions by the IP and the amount of monetary penalties, has been introduced, as contained in the circular no. IBBI/IPA/43/2021, dated July 28, 2021.

4. The said amended regulations are available at www.ibbi.gov.in.

Tags : AMENDMENT   IBBI   REGULATIONS  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved