SC: Dismissal, Being the Severest Punishment, Should be Imposed Only For Grave Misconduct  ||  SC: Constructive Res Judicata Applies to Grounds Omitted Through Negligence or Inadvertence  ||  Madras High Court: Honour Killing is a Shameful Act and an Extreme Manifestation of Casteism  ||  Bombay High Court: Traditional Families Often Hesitate to Report Sexual Offences  ||  Jharkhand High Court Directs Circle Officers to Digitally Verify Land Records and Remove Mismatches  ||  MP High Court: Writ Court Cannot Grant Interim Relief Once Party is Relegated to Alternate Forum  ||  Supreme Court Issues Directions to Speed Up MACT Claims Amid Six-Year Average Pendency  ||  Supreme Court: Sex Selection Practices Continues Due to Preference For Male Children  ||  Supreme Court: Injury From a Fallen Tree is Not a Motor Accident for MACT Claims  ||  Madras HC: Recent Tamil Nadu Elections Reflect Voting Beyond Caste and Community Considerations    

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