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Corporate Laws Central Ministry of Finance Insolvency and Bankruptcy Code, 2016

Insolvency and Bankruptcy Board of India (Model Byelaws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2023

18-Sep-2023 | IBBI/2023-24/GN/REG105

Insolvency and Bankruptcy Board of India has issued a notification regarding the Insolvency and Bankruptcy Board of India (Model Byelaws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2023, effective from 18th September 2023.

By virtue of amendments, following clauses has been substituted:

1. In Schedule VI, in clause 10, the procedure for applying for enrolment as a professional member has been clarified. An individual or an insolvency professional entity can apply for enrolment as a professional member by submitting an application in the specified format and manner, along with the required fees.

2. Clause 30 outlines the circumstances under which a professional member may be expelled by the Agency. This includes situations such as becoming ineligible for enrolment, non-payment of professional membership fee, cancellation of registration by the Board, or based on a court order.

3. In Schedule XI, clause 29 specifies the conditions under which the Agency may refuse to accept the surrender of membership by any professional member. This includes pending grievance or disciplinary proceedings, non-compliance with requirements related to fees, disciplinary orders, and filings/disclosures to the Agency and the Board.

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