IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020

Apr 01, 2020 | by Avantis RegTech Legal Research Team


Secretarial Compliance

The Insolvency and Bankruptcy Board of India (IBBI) on March 28, 2020, notifies the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020 to further amend the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016.

The amendments made in the Schedule, in clause 12A related to “Authorisation for Assignment” under the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016:-

 In Clause 12A(5), if the authorisation for assignment is not issued, renewed or rejected by the Agency within 15 days of the date of receipt of application, the authorisation shall be deemed to have been issued or renewed, as the case may be, by the Agency. Provided that, for an application received on and from the date of commencement of the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020 and ending on September 30, 2020, if the authorisation for assignment is not issued, renewed or rejected by the Agency within 30 days of the date of receipt of application, the authorisation shall be deemed to have been issued or renewed, as the case may be, by the Agency.”

 In Clause 12A(7), an applicant aggrieved of an order of rejection of his application by the Agency may appeal to the Membership Committee within seven days from the date of receipt of the order. Provided that, where an application for issue of authorisation for assignment has been rejected by an insolvency professional agency, on and from the date of commencement of the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020 and ending on September 30, 2020, the applicant aggrieved of an order of rejection may appeal to the Membership Committee within 30 days from the date of receipt of order.

These Notification shall come into force on March 28, 2020.

[Notification No. IBBI/2019-20/GN/REG058]


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