The Insolvency and Bankruptcy Board of India (IBBI) on November 09, 2022, issued a notification reviewing certain regulations under the Insolvency and Bankruptcy Code, 2016.
The Board had issued a few circulars, from time to time, in the exercise of powers under section 196 of the Insolvency and Bankruptcy Code, 2016 in order to facilitate Insolvency Professionals to carry out processes under the Code.
Based on its expertise, the Board reviewed the relevant regulations and circulars. There are some circulars that are no longer necessary because they are already covered by the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, or the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 [IU Regulation].
In light of this, it has been decided to revoke the circulars indicated in the document's annexure with immediate effect.
Disclaimer: circulars revoked are attached to the document.
[Notification No. IBBI/IP/55/2022]
