IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Third Amendment) Regulations, 2021

Last updated: 23 July 2021

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The Insolvency and Bankruptcy Board of India (IBBI) has issued the Third Amendment to the Model Bye-Laws and Governing Board of Insolvency Professional Agencies Regulations, 2021. These amendments, effective from their publication date, introduce a change to clause 24 of the existing regulations. Specifically, sub-clause (5) has been updated to mandate that Agencies must promptly realise any monetary penalty imposed by the Disciplinary Committee and credit it to the Fund established under section 222 of the Code.

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 22nd July, 2021

Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Third Amendment) Regulations, 2021

No. IBBI/2021-22/GN/REG076.- 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 of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, namely:-

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Third Amendment) Regulations, 2021.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, in the Schedule, in clause 24, for sub-clause (5), the following sub-clause shall be substituted, namely:-

“(5) The Agency shall promptly realise the monetary penalty imposed by the Disciplinary Committee and credit the same to the Fund constituted under section 222 of the Code. “

Dr. M. S. SAHOO, Chairperson
[ADVT.-III/4/Exty./157/2021-22]

Note: The Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 were published vide notification No. IBBI/2016-17/GN/REG001 dated 21st November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 421 on 22nd November, 2016 and were last amended by the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2021 published vide notification No. IBBI/2021-22/GN/REG074 dated 27th April, 2021, in the Gazette of India, Extraordinary, Part III, Section 4, No. 186 on 27th April, 2021.

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, specifically concerning the realisation and crediting of monetary penalties.

These regulations shall come into force on the date of their publication in the Official Gazette.

Sub-clause (5) of clause 24 in the Schedule of the Principal Regulations has been substituted. The new sub-clause mandates that Agencies shall promptly realise monetary penalties imposed by the Disciplinary Committee and credit them to the Fund constituted under section 222 of the Code.

The Agency is responsible for promptly realising the monetary penalty imposed by the Disciplinary Committee and crediting it to the Fund.

The realised monetary penalty is to be credited to the Fund constituted under section 222 of the Insolvency and Bankruptcy Code, 2016.

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Notification No : IBBI/2021-22/GN/REG076
Published in Corporate Law
Source : https://www.ibbi.gov.in/uploads/legalframwork/b5bcbb2358f95c2b232cadab23031e9c.pdf

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