J&K&L HC: Repeat Narcotics Offences After Release Can Justify Preventive Detention  ||  SC: Departmental Enquiry Required for Police Arrests Without Written Grounds  ||  SC: Preliminary Issue Cannot Be Tried Separately Once Trial on All Issues Has Begun  ||  SC: Police Claim of Sufficient Material for Chargesheet Does Not Entitle Accused to Default Bail  ||  Telangana HC: Father’s Role Beyond Financial Support Cannot Be Overlooked in Custody Matters  ||  Allahabad HC: Hindu Marriage Requires Essential Ceremonies, Arya Samaj Certificate Not Enough  ||  Delhi HC: Narco Test Cannot Be Forced on an Accused Without Consent  ||  Gujarat HC: Brothel Customer Not Liable for Operating Premises or Procuring Women  ||  MP HC: Civil Suits May Be Consolidated Where Issues and Evidence Are Common  ||  J&K&L HC: Personal-Enmity Assaults Concern Law and Order, Not Preventive Detention    

Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2024- (Insolvency and Bankruptcy Board of India) (31 Jan 2024)

MANU/NMIC/0035/2024

Insolvency

In exercise of the powers conferred by clauses (aa) and (t) of sub-section (1) of section 196, section 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, namely: -

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2024.

(2) They shall come into force on the date of publication in the Official Gazette.

2. In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, in First Schedule,

(i) after clause 22, the following clause shall be inserted, namely: -

"22A. An insolvency professional may resign from the assignment, subject to the recommendation of the committee of creditors in a corporate insolvency resolution process, consultation committee in liquidation process, the debtor or the creditor in the insolvency resolution process of personal guarantor to the corporate debtor, as the case may be, and the approval of the Adjudicating Authority.

Explanation.- The insolvency professional shall continue to discharge his duties, functions and responsibilities till the approval of resignation by the Adjudicating Authority."

(ii) in clause 23B, the following Explanation shall be inserted, namely: -

"Explanation.- For the purposes of this clause, the insolvency professional which is an insolvency professional entity may engage or appoint its partners or directors, as the case may be, for or in connection with any work relating to any of its assignment other than work related to valuation and audit of the debtor."

(iii) in clause 23C, the Explanation shall be renumbered as Explanation 1, and after Explanation 1 so renumbered, the following Explanation shall be inserted, namely: -

"Explanation 2.- For the purposes of this clause, the insolvency professional which is an insolvency professional entity may provide any service, other than service related to valuation and audit, for or in connection with the assignment which is being undertaken by any of its partners or directors, as the case may be."

Tags : INSOLVENCY PROFESSIONALS   AMENDMENT   REGULATIONS  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved