The Insolvency and Bankruptcy Board India (IBBI) on September 20, 2023, issued amendments to Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 which were notified on September 18, 2023.
The salient features of the amendments are as stated:
• Introduction of a unified enrolment and registration application form to enable submission of a common application form for both enrolment and registration processes.
• Introduction of a timeline of 60 days for approval of the unified application (for enrolment) by the Insolvency Professional Agency (IPA) and 30 days for forwarding the unified application (for registration) to the Board.
• Additional requirements introduced for the IPA to consider while accepting applications for surrender of professional membership or expelling the professional member.
• Introduction of provision for surrender of certificate of registration by the IP to the Board.
This notification will come into force from September 20, 2023.
[Notification no. IBBI/PR/2023/11]
