IBBI updates its Research Initiative of 2019
This Initiative aims to promote legal, economic, and interdisciplinary research. It also aims to promote discourse in areas relevant for the evolving insolvency and bankruptcy regime in general, and in India in particular. This Initiative was open from 1st August, 2019. The research proposals can be submitted from 1st August, 2019 onwards. The initiative enumerates 36 illustrative areas upon which a researcher can work in. The researcher shall submit a research proposal in the prescribed format. The process of evaluation of the research proposal is also detailed in the research proposal.
IBBI rescinds the circulars superseded by new regulations
IBBI has rescinded the previous circulars superseded by Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 [IP Regulation] or the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 [Model Bye-Laws Regulations] or the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.
IBBI notifies revised format of Annual Compliance Certificate for IPAs.
In terms of Regulation 7 of the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, an Insolvency Professional Agencies (IPA) shall designate or appoint a compliance officer who shall be responsible for ensuring compliances with the provisions of the Code and regulations, circulars, guidelines, and directions issued thereunder.
Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022
The compliance officer of insolvency professional agency shall submit to the Board, a compliance certificate annually in the format issued by the Board.
Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2022
No insolvency professional entity, recognized by the Board under the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, shall be enrolled as a professional member if it is not eligible to be registered as an insolvency professional with the Board
The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Fourth Amendment) Regulations, 2022.
As per the amendment, No insolvency professional entity, recognised by the Board, shall be eligible to be registered as an insolvency professional, if the entity and/or any of its partner or director, as the case may be, is not fit and proper person.
Insolvency and Bankruptcy Board of India (Information Utilities) (Second Amendment) Regulations, 2022
The amendment provides that where an information utility generates turnover amounting to Rs. 75 crore in the financial year 2022-23, it is liable to pay fee of Rs. 7.50 crore to the Board on or before 30th April 2023.
The Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022.
The liquidator shall operate the process email account handed over to him by the resolution professional in accordance with regulation 4C of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and in the event of his replacement, the credentials of such email ID shall be handed over to the new liquidator.
The Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022.
As per the new regulation 41, the liquidator shall preserve copies of all such records which are required to give a complete account of the voluntary liquidation process.
The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2022.
As per regulation 4C, the interim resolution professional shall open an email account and use it for all correspondences with stakeholders and in the event of his replacement by a resolution professional, shall handover the credentials of the email to him. The resolution professional shall, in case of his replacement with another resolution professional or a liquidator, hand over the credentials of the email to the other resolution professional or the liquidator, as the case may be.
