Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2021

Last updated: 23 July 2021

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The Insolvency and Bankruptcy Board of India has issued the Insolvency Professionals (Second Amendment) Regulations, 2021. These amendments, effective from their publication date, introduce changes to the experience criteria for insolvency professionals, including specific requirements for law and management backgrounds. The regulations also update the process for recognising insolvency professional entities, including timelines for application review and decision-making. Furthermore, new limits have been placed on the number of assignments an insolvency professional can handle, particularly concerning large corporate insolvency resolution processes.

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 22nd July, 2021 Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2021 No. IBBI/2021-22/GN/REG077. In exercise of the powers conferred by sections 196, 207 and 208 read with section 240 of theInsolvency and Bankruptcy Code, 2016(31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend theInsolvency and Bankruptcy

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FAQ :

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

The amendments specify experience requirements such as ten years in law post-Bachelor's degree, ten years in management post-Master's degree or PG Diploma, or fifteen years in management post-Bachelor's degree. Professional and managerial experience are the only types considered.

The regulations update the process for granting recognition certificates, including timelines for the Board to acknowledge applications, request further information, and issue a decision within specific timeframes after receiving explanations.

Yes, an insolvency professional may not have more than ten assignments as a resolution professional in corporate insolvency resolution processes at any time. Of these, no more than three can involve admitted claims exceeding one thousand crore rupees each.

Insolvency professional entities recognised before the commencement of these regulations must comply with provisions related to equity shares and net worth by 31st December 2021.

Notification No : IBBI/2021-22/GN/REG077
Source : https://www.ibbi.gov.in/uploads/legalframwork/5c2976ceb203ec0ba390380f747563f6.pdf

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