The Insolvency and Bankruptcy Board of India n 27th April 2021 has published the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2021.
The Amendment is brought under clause 12A which specifies the Authorisation for Assignment in which if the authorisation for assignment is not issued, renewed or rejected by the Agency within fifteen days of the date of receipt of application, the authorisation shall be deemed to have been issued or renewed, as the case may be, by the Agency
“Provided that, for an application received on and from the date of commencement of the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2021 and ending on the 31st October 2021, if the authorisation for assignment is not issued, renewed or rejected by the Agency within thirty days of the date of receipt of application, the authorisation shall be deemed to have been issued or renewed, as the case may be, by the Agency.
Further under clause 12A(7) An applicant aggrieved of an order of rejection of his application by the Agency may appeal to the Membership Committee within 15 days from the date of receipt of the order.
Provided further from the date of commencement of this new amended regulation the applicant aggrieved of an order of rejection may appeal to the Membership Committee within 30 days from the date of receipt of order.
