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Corporate Laws Central Ministry of Law and Justice Insolvency and Bankruptcy Code, 2016

Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2024

31-Jan-2024 | No. IBBI/2023-24/GN/REG111

IBBI has introduced Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2024 further to amend Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016.

By virtue of this notification Schedule, in para VI, in clause 12A, for sub-clause (6) i.e. Authorisation for Assignment the following sub-clause shall be substituted-

1. An authorisation for assignment issued or renewed by the Agency shall be valid for a period of one year from the date of its issuance or renewal.
2. The authorisation for assignment issued or renewed by the Agency shall be valid till 30th of June of the year where the expiry of the period of one year falls from 1st of January to 30th of June, or till 31st of December of the year where the expiry of the period of one year falls from 1st of July to 31st of December.
3. If the professional member attains the age of seventy years during this period, the authorisation for assignment shall be valid till such date.

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