The Insolvency and Bankruptcy Board of India (IBBI) on January 29, 2025, issued the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2025, to further amend the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016.
The following has been stated namely: -
• In the Schedule in Para VI which states “Professional membership” under clause 12A which further specifies “Authorisation for Assignment” the following have been amended namely: -
o In the proviso to sub-clause (3), for the words "forty-five", the word "ninety" shall be substituted.
o In sub-clause (5), for the word "fifteen", the word "ninety" shall be substituted.
This shall come into force on January 29, 2025.
[Notification No. IBBI/2024-25/GN/REG117]
