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ARTICLE · 28 NOVEMBER 2022

Restructuring & Insolvency Monthly Update | October-November 2022

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In exercise of the powers conferred by Clause (t) of Sub-Section (1) of Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (IBC)...

IndiaInsolvency/Bankruptcy/Re-Structuring
Abhirup Dasgupta
Abhirup Dasgupta
Pratik Ghose
Pratik Ghose
Ishaan Duggal
Ishaan Duggal
Avishek Roy
Avishek Roy
Bhawana Sharma
Bhawana Sharma
Akriti Shikha
Akriti Shikha
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STATUTORY UPDATES

Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022

  • In exercise of the powers conferred by Clause (t) of Sub-Section (1) of Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (IBC), the Insolvency and Bankruptcy Board of India (IBBI) on October 31, 2022 notified the following amendments into the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (Principal Regulations):
    • Substitution of the existing Sub-Regulation (3) of Regulation 7 of the Principal Regulations with the following: '(3) The compliance officer shall submit to the Board, a compliance certificate annually in the format issued by the Board, verifying that the insolvency professional agency has complied with the provisions referred to in Sub-Regulation (1): Provided that the annual compliance

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