Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) (Amendment) Regulations, 2019

Jul 24, 2019 | by Avantis RegTech Legal Research Team

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The Insolvency and Bankruptcy Board of India (IBBI) on July 23, 2019, has published the IBBI (Insolvency Professional Agencies) (Amendment) Regulations, 2019, to further amend the IBBI (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 (Insolvency Professional Agencies) (Amendment) Regulations, 2019 are:

 The insolvency professional agency shall pay an annual fee of five lakh rupees to the Board, within fifteen days from the date of commencement of the financial year, provided that no annual fee shall be payable in the financial year in which an insolvency professional agency is granted registration or renewal, as the case may be. Further provided that without prejudice to any other action which the Board may take as permissible under the Code, any delay in payment of fee by an insolvency professional agency shall attract simple interest at the rate of twelve percent per annum until paid.

[Notification No. IBBI/2019-20/GN/REG044]


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