The Insolvency and Bankruptcy Board of India on 30th June 2020 has notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2020.
The Amendment is brought under regulation 12(1) which deals with Recognition of Insolvency Professional Entities in which a limited liability partnership, a registered partnership firm or a company may be recognized as an insolvency professional entity if “its sole objective is to provide support services to insolvency professionals”.
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