Compliance with Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018

Apr 06, 2018 | by Avantis RegTech Legal Research Team

The Insolvency and Bankruptcy Board of India (IBBI) has recently notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018 in the Gazette of India dated March 28, 2018.They have come into force on April 1, 2018.

The Amendment Regulations have made changes in the provisions in Regulation 12(1) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 relating to insolvency professional entities (IPEs). In terms of the amended regulations, the IPEs recognised as on April 1, 2018 need to comply with the provisions of clauses (e), (f) and (g) of Regulation 12(1) on or before June 30, 2018 and the provisions of clauses (a), (b) (0) and (d) of Regulation 12(1) on or before September 30, 2018.

In terms of the Regulation 13(2) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, the recognition granted to an IPE is subject to the condition that the IPE shall at all times continue to satisfy the requirements under Regulation 12.

 In view of the above, Insolvency Professional Entities are requested to ensure compliance with the provisions of Regulation 12(1) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 by June, 2018 or September 30, 2018, as the case may be, under intimation to the IBBI, failing which the IPE may be derecognised in accordance with Regulation 10.

[CIRCULAR No. IPE/008/2018]

URL: http://ibbi.gov.in/webadmin/pdf/whatsnew/2018/Apr/CIRCULAR%20FOR%20IPE%20008_2018-04-05%2018:33:50.pdf


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