Quick Summary
IBBI amends Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 and the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 With a view to put in place, a streamlined and swift complaint handling procedure, the Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022 and the Insolvency and Ban
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FAQ :
The IBBI has amended the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 and the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017.
The main goal is to put in place a streamlined and swift complaint handling procedure and to ensure expeditious and result-oriented enforcement.
Revisions have been made to various timelines within the enforcement process to address delays, and Insolvency Professional Agencies (IPAs) will have a more effective role in regulating Insolvency Professionals (IPs) through grievance examination.
The Amendment Regulations are effective from 14th June, 2022.
The regulations provide a mechanism for redressing complaints against insolvency professionals, insolvency professional agencies, and information utilities.
The outcome of a Disciplinary Committee (DC) order will be intimated to the Committee of Creditors (CoC) and the Adjudicating Authority (AA).
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