The Insolvency and Bankruptcy Board of India (IBBI) on February 01, 2024, published the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2024 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 February 01, 2024
The following has been stated namely: -
• in the Schedule, in para VI, in clause 12A, for sub-clause (6), the following sub-clause shall be substituted, namely: -
“(6) An authorization 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, as the case may be:
Provided that an authorization 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:
Provided further that if the professional member attains the age of seventy years during this period, the authorization for assignment shall be valid till such date.”
[Notification No. IBBI/2023-24/GN/REG111]
