Insolvency and Bankruptcy Board of India vide its notification dated 20th April 2020 has published the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020 which shall be in force from 28th March 2020.
The Amendment is brought under clause 12A sub-clause 5 in the schedule in which an application received on and from 28th March 2020 and ending on the 30th September 2020, if the authorization for assignment is not issued, renewed or rejected by the Agency within thirty days of the date of receipt of application, the authorization shall be deemed issued or renewed, as the case may be, by the Agency.
Further under clause 7 if an application for issue of authorization for assignment has been rejected by an insolvency professional agency between 28th March 2020 and ending on the 30th September 2020, the applicant aggrieved of an order of rejection may appeal to the Membership Committee within thirty days from the date of receipt of order.
Click here to read the Notification.
