The Insolvency and Bankruptcy Board of India (IBBI) on September 18, 2023, published the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2023 to further amend the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016
This shall come into force on September 18, 2023
The following has been amended namely: -
• In para VI which states “Professional Membership” in clause 10,
(a) for sub-clause (1), the following shall be substituted, namely: -
“(1) An individual or an insolvency professional entity may apply for enrolment as a professional member by submitting an application in Part – I of Form A and Part – I of Form AA, respectively, of the Second Schedule to Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, in such manner and with such fees as may be specified by the Agency.”
(b) in sub-clause (7), after the words “to these bye-laws” the words “within sixty days of receipt of the application, excluding the time given for the purposes stated in clause (6)” shall be inserted,
• in para XI which states “Surrender Of Professional Membership And Expulsion From Professional Membership”
(i) For the clause 29, the following shall be substituted, namely: -
“29. The Agency may refuse to accept the surrender of membership by any professional member if– (1) there is a grievance or disciplinary proceeding pending against it before the Agency or the Board;
(2) it does not comply with requirements, as on the date of application for surrender of professional membership with respect to
(a) payment of fees to the Board;
(b) a disciplinary order issued by the Agency of the Board;
(c) filings and disclosures to the Agency and the Board;
(d) the arrangements made for the maintenance, preservation, and transfer of records and other documents required to be maintained under the relevant regulations;
(e) any other requirements, as stipulated under the Code, rules made thereunder, regulations, circulars, directions, or guidelines issued by the Agency and the Board, from time to time.
[Notification No. IBBI/2023-24/GN/REG105]
