IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019

Jul 24, 2019 | by Avantis RegTech Legal Research Team

A |  A

The Insolvency and Bankruptcy Board of India (IBBI) on July 23, 2019, has published the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019 to further amend the IBBI (Model Bye-Laws & Governing Board of Insolvency Professional Agencies) Regulations, 2016. It will come into force on the date of its publication in the Official Gazette. 

The amendments effected by IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019 are:

(a) An Insolvency Professional Agency shall issue or renew authorisation for assignment to insolvency professionals in accordance with its bye-laws.

(b) An insolvency professional shall be eligible to obtain authorisation of assignment if he has not attained the age of seventy years. 

(c) A professional member shall make an application to surrender his authorisation for assignment to the Agency at least thirty days before he becomes a person resident outside India; takes up employment; or starts any business.

(d) An individual may serve as an independent director on the governing board of an Insolvency Professional Agency up to the age of seventy-five years.

(e) The authorisation for assignment shall stand suspended upon initiation of disciplinary proceedings by the Agency or by the Board.

(f) A new FORM B for Authorisation for Assignment has been inserted.

[Notification No. IBBI/2019-20/GN/REG043]


Bookmark

Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.