Amendments to the Insolvency & Bankruptcy Board of India Regulations, 2016 (Important) (Download PDF)

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Insolvency & Bankruptcy Board of India (IBBI) has evolved transparent & consultative process for making regulations. IBBI effectively engages stakeholders in regulation making process to factor in ground reality, secure ownership of regulations & make regulations robust & precise, relevant to time & for purpose.

Image of Insolvency & Bankruptcy code, 2016

Image of Insolvency & Bankruptcy Code, 2016

Image of Insolvency & Bankruptcy code, 2016

  • IBBI had invited comments from public, including stakeholders & regulated, on regulations notified under Insolvency & Bankruptcy Code, 2016 by 31st December 2017.

Amended Regulations

  • Subject to meeting other requirements, individual shall be eligible for registration as insolvency professional if he has passed Limited Insolvency Examination within last 12 months & has completed pre-registration educational course from insolvency professional agency, as may be required by Board.

  • Syllabus, format, qualifying marks & frequency of ‘Limited Insolvency Examination’ shall be published on website of IBBI at least 3 months before examination.

  • Individual w/required experience of 10/15 years is eligible for registration as insolvency professional. In addition, individual w/little or no experience shall be eligible for registration as insolvency professional on successfully completing Graduate Insolvency Programme, as may be approved by IBBI.

  • As condition of registration, insolvency professional shall undergo continuing professional education as may be required by the IBBI.

  • Insolvency professional shall not outsource any of his duties & responsibilities under Code.

  • Company, registered partnership firm or limited liability partnership shall be eligible for recognition as insolvency professional entity, if –

    • Its sole objective is to provide support services to insolvency professionals, who are its partners or directors, as case may be

    • It has net worth of not less than one crore rupees

    • Majority of its shares is held by insolvency professionals, who are its directors, in case it is company

    • Majority of capital contribution is made by insolvency professionals, who are its partners, in case it is limited liability partnership firm or registered partnership firm

    • Majority of its partners or directors, as case may be, are insolvency professionals

    • Majority of its whole-time directors are insolvency professionals, in case it is company

    • None of its partners or directors is partner or director of another insolvency professional entity.

  • Insolvency professional shall disclose fee payable to him, fee payable to insolvency professional entity, & fee payable to professionals engaged by him to insolvency professional agency of which he is professional member & agency shall publish such disclosure on its website.

  • Amendment regulations are effective from 1st April, 2018. These are available at www.mca.gov.in & www.ibbi.gov.in

Image of Insolvency & Bankruptcy Process

Image of Insolvency & Bankruptcy Process

Image of Insolvency & Bankruptcy Process

Insolvency & Bankruptcy Board of India (IBBI)

  • Insolvency & Bankruptcy Board of India was formed on 1st October 2016 under Insolvency & Bankruptcy Code, 2016 (Code).

  • It is unique regulator, regulates profession & processes.

  • It has regulatory oversight over Insolvency Professionals, Insolvency Professional Agencies & Information Utilities.

  • It is key pillar of ecosystem responsible for implementation of code that consolidates & amends laws.

- Published/Last Modified on: June 21, 2018

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