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In exercise of the powers conferred by clauses aa and t of sub section 1 of section 196, section 208 read with section 240 of the Insolvency and Bankruptcy Code

Date: 1st February 2024
Category: Extra Ordinary
New Delhi

Read or download the official PDF of this gazette notification issued by the Insolvency and Bankruptcy Board of India on 1st February 2024. Classified under Extra Ordinary.

Official Gazette Notification Text

Official Transcript

रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-01022024-251697 xxxGIDHxxx CG-DL-E-01022024-251697 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 74] नई दिल्ली, बधु वार, िनवरी 31, 2024/माघ 11, 1945 No. 74] NEW DELHI, WEDNESDAY, JANUARY 31, 2024/MAGHA 11, 1945 भारतीय दिवाला और िोधन अक्षमता बोड ड अजधसचू...

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  • ✓ The gazette notification introduces the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2024. These regulations amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.
  • ✓ The amendments primarily relate to the resignation of insolvency professionals from assignments, and the engagement or appointment of partners or directors by insolvency professional entities for specific tasks.
  • ✓ Clause 22A is inserted, allowing an insolvency professional to resign from an assignment, subject to the recommendation of the committee of creditors (in a corporate insolvency resolution process), consultation committee (in a liquidation process), or the debtor/creditor (in the insolvency resolution process of a personal guarantor to the corporate debtor), and the approval of the Adjudicating Authority.
  • ✓ An explanation is added to Clause 22A clarifying that the insolvency professional must continue to perform their duties until the Adjudicating Authority approves the resignation.
  • ✓ An explanation is inserted in Clause 23B, clarifying that an insolvency professional entity may engage its partners or directors for work related to any assignment, except for valuation and audit of the debtor.

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