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

Last updated: 23 July 2021
Quick Summary
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.

 
Comments

Recent Notification/Circulars :

  1. Approval of Sir Ganga Ram Trust Society, Delhi for Scientific Research under the Income-tax Act, 2025
  2. SEBI Recovery Proceedings for Outstanding Disgorgement and Interest in IPO Irregularities
  3. SOP for Customs Clearance of Imported Goods through Foreign Post Offices (FPOs)
  4. Government Revises Central Excise Duty Rate to Rs. 1.5 Per Litre via Notification No. 42/2026
  5. India Extends Anti-Dumping Duty on Phthalic Anhydride Imports from China and South Korea for Five Years
  6. Odisha Joint Entrance Examination Committee Gets Tax Exemption under Schedule III of the Income-tax Act, 2025
  7. CBDT Notifies Odisha Joint Entrance Examination Committee for Income Tax Exemption under Section 10(46)
  8. CBDT Notifies Noida Special Economic Zone Authority for Income Tax Exemption under Schedule III of the Income-tax Act, 2025
  9. CBDT Notifies Noida Special Economic Zone Authority for Income Tax Exemption under Section 10(46) for AY 2024-25 to AY 2026-27
  10. CBDT Notifies Noida Special Economic Zone Authority for Income Tax Exemption under Section 10(46)

View More Notifications


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member Soumitra PatraSoumitra PatraPro Member Dhananjay SinghDhananjay SinghPro Member Sharang Sanjay MangalekarSharang Sanjay MangalekarPro Member Umesh KambleUmesh KamblePro Member Leena RachhLeena Rachh
Subscribe to Pro
Join an elite circle of professionals


Browse by Category