IBBI Circular on Review of Regulations

Last updated: 09 November 2022

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The Insolvency and Bankruptcy Board of India (IBBI) has rescinded several circulars that are now redundant. This decision comes after a review of existing regulations and circulars, with many of the older ones being superseded by updated provisions in the IP Regulations, Model Bye-Laws Regulations, or IU Regulations. Professionals are advised to take note of these changes and adhere to the current relevant regulations.

Insolvency and Bankruptcy Board of India

7th Floor, Mayur Bhawan, Connaught Place, New Delhi - 110001

CIRCULAR

No. IBBI/IP/55/2022

9th November, 2022

All Registered Insolvency Professionals

All Recognised Insolvency Professional Entities

All Registered Insolvency Professional Agencies

The Registered Information Utility

(By mail to registered email addresses and on website of the IBBI)

Dear Sir/ Madam,

Subject: Review of Regulations

The Board had issued few circulars, from time to time, in exercise of powers under section 196 of the Insolvency and Bankruptcy Code, 2016 in order to facilitate Insolvency Professionals to carry out processes under the Code.

2. The Board conducted an exercise of review of regulations, circulars based on experience gained. It is observed that certain circulars are no longer required on account of being already provided in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 [IP Regulation] or the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 [Model Bye-Laws Regulations] or the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 [IU Regulations], as the case may be.

3. Accordingly, it has been decided to rescind circulars listed in the Annexure, with immediate effect.

4. You are advised to take note of the above and follow the provisions of relevant Regulations.

5. The circular is issued with the approval of competent authority.

Yours sincerely,

Sd/-

(Dilip Arjun Khandale)

Deputy General Manager

Tel: 011-23462870

Email: dilip.khandale@ibbi.gov.in

Please refer to the attached file for full notification.

FAQ :

The circular announces the rescission (revocation) of certain IBBI circulars that are no longer necessary because their content is now covered by updated regulations.

These circulars are being rescinded because their provisions are already incorporated into more recent regulations such as the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, or the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

This circular is addressed to all Registered Insolvency Professionals, all Recognised Insolvency Professional Entities, and all Registered Insolvency Professional Agencies.

Professionals are advised to take note of the rescinded circulars and follow the provisions of the relevant, current Regulations.

The rescission of the circulars listed in the Annexure takes effect immediately.

Notification No : No. IBBI/IP/55/2022

Attached File : 322600_11069_ibbi.pdf

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