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INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, 27th April, 2021 No. IBBI/2021-22/GN/REG074.- In exercise of the powers conferred by sections 196, 203 and 205 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board
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FAQ :
The main purpose is to amend the existing Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, introducing new provisions and modifying existing ones.
These regulations come into effect on the date of their publication in the Official Gazette.
For applications received between the commencement date and 31st October 2021, if an Agency does not issue, renew, or reject the authorisation for assignment within thirty days, it will be deemed to have been issued or renewed.
Yes, for applications received between the commencement date and 31st October 2021, the authorisation for assignment shall be deemed issued or renewed if not processed within thirty days.
For applications rejected between the commencement date and 31st October 2021, an aggrieved applicant may appeal to the Membership Committee within thirty days from the date of receipt of the rejection order.
The previous timeframe for appeals was seven days, which has now been substituted with fifteen days in sub-clause (7)(a) of clause 12A.
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Notification No : IBBI/2021-22/GN/REG074Published in Corporate Law
Source : https://ibbi.gov.in//uploads/legalframwork/cc46284330f773a4c2e4515c03d78d6d.pdf