IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020

Last updated: 30 March 2020
Quick Summary
The Insolvency and Bankruptcy Board of India (IBBI) has issued amendments to the Model Bye-Laws and Governing Board of Insolvency Professional Agencies Regulations, 2016. These amendments, effective from 28th March 2020, introduce specific provisions regarding the authorisation for assignment process for insolvency professional agencies. Notably, a 'deemed to be issued' clause is introduced for authorisations not processed within thirty days, and an appeal process is established for rejected applications.

*[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART III, SECTION 4] PUBLISHED BY AUTHORITY NEW DELHI, 28TH MARCH, 2020 INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, 28th March, 2020 Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of
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FAQ :

These are amendments to the existing 2016 regulations, introduced by the Insolvency and Bankruptcy Board of India, which came into effect on 28th March 2020.

The amendments introduce new provisions concerning the 'authorisation for assignment' process for insolvency professional agencies.

For applications received between 28th March 2020 and 30th September 2020, if the agency doesn't act within thirty days, the authorisation shall be deemed to have been issued or renewed.

Applicants whose applications are rejected between 28th March 2020 and 30th September 2020 can appeal to the Membership Committee within thirty days of receiving the rejection order.

 

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Notification No : IBBI/2019-20/GN/REG058
Published in Corporate Law
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