Executive Summary:
This document contains the Insolvency and Bankruptcy Board of India Advisory Committee Regulations, 2017. It outlines the regulations for Advisory Committees constituted by the Board to obtain expert advice for efficient functioning, as per the Insolvency and Bankruptcy Code, 2016. The regulations define the composition, constitution, meeting procedures, and conduct of these committees. The regulations came into force on January 30, 2017.
Key Points / Main Content:
I. Preliminary
* These regulations are called the Insolvency and Bankruptcy Board of India Advisory Committee Regulations, 2017.
* The regulations came into force on the date of their publication in the Official Gazette (January 30, 2017).
II. Definitions
* Advisory Committee: A committee constituted by the Board under Section 197 of the Code.
* Board: The Insolvency and Bankruptcy Board of India.
* Chairperson: The Chairperson of the Advisory Committee.
* Code: The Insolvency and Bankruptcy Code, 2016.
* Member: A member of the Advisory Committee, including the Chairperson.
* Secretary: An officer of the Board designated as such.
* Terms not defined in the regulations but defined in the Code shall have the meanings assigned to them in the Code.
III. Constitution of Advisory Committee
* The Board may constitute Advisory Committees to obtain expert advice.
* The Board may constitute committees on:
* Service Providers
* Corporate Insolvency and Liquidation
* Individual Insolvency and Bankruptcy
* Any other subject as needed.
* Orders constituting the Advisory Committee shall provide composition and issues under purview.
* The Advisory Committee may advise the Board on its own or upon request.
IV. Composition of Advisory Committee
* The Advisory Committee shall comprise:
* Professional Members (academicians or practitioners)
* General Members (eminent citizens without direct involvement)
* Ratio of Professional to General Members is roughly 2:1.
* No person shall be a member of more than one Advisory Committee at a time.
* The term of a member shall not exceed three years, but reappointment is possible.
* The Board shall designate:
* One General Member as Chairperson.
* One Senior Officer as Secretary (with the right to speak, but not vote).
V. Meetings
* The Advisory Committee shall meet at times and places it considers expedient.
* A quorum of 50% of the existing strength is required for meetings.
* The Secretary shall convene meetings and maintain records.
* The Chairperson decides the agenda and presides over meetings.
VI. Fee
* Members are entitled to a sitting fee of Rs. 10,000 per meeting.
* Members are entitled to reimbursement of travel and accommodation expenses at par with the entitlement of Secretary to the Government of India.
VII. Conduct
* Members shall not communicate to the press or public media on issues considered or under consideration.
* Members with direct or indirect interest in an issue must disclose the nature of the interest.
* Such members shall not participate in deliberations except to provide professional advice if sought.
Impact Analysis:
I. Insolvency and Bankruptcy Board of India (IBBI):
* Impact: The IBBI is responsible for constituting and overseeing the Advisory Committees to enhance the efficiency of its functions.
* Action Required: The IBBI needs to establish Advisory Committees as necessary, define their composition and purview, and appoint Chairpersons and Secretaries.
II. Members of Advisory Committees:
* Impact: These regulations define their roles, responsibilities, terms, compensation, and expected conduct.
* Action Required: Members must adhere to the conduct guidelines, disclose any conflicts of interest, and participate in meetings as required. They are also eligible to claim sitting fees and reimbursements.
III. Service Providers, Corporate Entities, Individuals involved in Insolvency and Bankruptcy:
* Impact: These stakeholders may benefit from the expert advice provided by the Advisory Committees, leading to more efficient and effective insolvency and bankruptcy processes.
* Action Required: No direct action is required from these stakeholders, but they may indirectly benefit from the implementation of these regulations.
Key Entities Referenced
Insolvency and Bankruptcy Board of India: A regulatory body in India responsible for overseeing insolvency proceedings and regulating insolvency professionals.
Insolvency and Bankruptcy Code, 2016: A law in India that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals.
Insolvency and Bankruptcy Board of India Advisory Committee Regulations, 2017: Regulations pertaining to the formation and operation of advisory committees constituted by the Insolvency and Bankruptcy Board of India.
New Delhi: The location where the notification was issued.
Official Gazette: The official government publication in which the regulations are published.
Advisory Committee on Service Providers: A committee constituted by the board to obtain expert advice on issues relevant for service providers.
Advisory Committee on Corporate Insolvency and Liquidation: A committee constituted by the board to obtain expert advice on issues relevant for Corporate Insolvency and Liquidation.
Advisory Committee on Individual Insolvency and Bankruptcy: A committee constituted by the board to obtain expert advice on issues relevant for Individual Insolvency and Bankruptcy.
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EXTRAORDINARY
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PART III—Section 4
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PUBLISHED BY AUTHORITY
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No. 36] NEW DELHI, TUESDAY, JANUARY 31, 2017/MAGHA 11, 1938
भारतीय (cid:7408)दवाला और शोधन अ(cid:6979)मता बोड (cid:6981)
अिधसचू ना
नई (cid:7408)द(cid:7016)ली, 30 जनवरी, 2017
भारतीय (cid:7408)दवाला और शोधन अ(cid:6979)मता बोड(cid:6981) (सलाहकार सिमित) िविनयमन, 2017
आईबीबीआई/2016-17/जी.एन./आरईजी 008.—(cid:7408)दवाला और शोधन अ(cid:6979)मता संिहता, 2016 (2016 का 31) क(cid:7409)
धारा 240 के साथ प(cid:7407)ठत धारा 197 (cid:7367)ारा (cid:7079)द(cid:7275) शि(cid:7334)य(cid:7298) का (cid:7079)योग करत े (cid:7263)ए भारतीय (cid:7408)दवाला और शोधन अ(cid:6979)मता बोड(cid:6981)
एत(cid:7367)ारा िन(cid:7388)िलिखत िविनयम बनाता ह,ै अथा(cid:6981)त:् -
अ(cid:7007)याय-I
(cid:7079)ारंिभक
संि(cid:6979)(cid:7385) नाम और (cid:7079)ारंभ.
1. (1) इन िविनयम(cid:7298) को भारतीय (cid:7408)दवाला और शोधन अ(cid:6979)मता बोड(cid:6981) (सलाहकार सिमित) िविनयमन, 2017 कहा जाएगा।
(2) य ेिविनयम इनके राजक(cid:7409)य राजप(cid:7074) म(cid:7286) (cid:7079)काशन क(cid:7409) तारीख से (cid:7079)वृ(cid:7275) ह(cid:7298)गे।
2. प(cid:7407)रभाषाएं.
(1) इन िविनयम(cid:7298) म(cid:7286) जब तक संदभ(cid:6981) से अ(cid:7008)यथा अपेि(cid:6979)त न हो –
(क)(cid:32) “सलाहकार सिमित” से इन िविनयम(cid:7298) के साथ प(cid:7407)ठत इस संिहता क(cid:7409) धारा 197 के अधीन बोड (cid:6981) के आदेश स े ग(cid:7407)ठत
सलाहकार सिमित से ह;ै
(ख)(cid:32) “बोड(cid:6981)” से इस संिहता क(cid:7409) धारा 188(1) के अधीन (cid:7021)थािपत भारतीय (cid:7408)दवाला एव ंऋण शोधन अ(cid:6979)मता बोड(cid:6981) ह;ै
(ग)(cid:32) “अ(cid:7007)य(cid:6979)” से सलाहकार सिमित का अ(cid:7007)य(cid:6979) अिभ(cid:7079)ेत ह;ै
510 GI/2017 (1)(cid:32)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(घ)(cid:32) “संिहता” से (cid:7408)दवाला एवं शोधन अ(cid:6979)मता संिहता, 2016 अिभ(cid:7079)ेत ह;ै
(ङ)(cid:32) “सद(cid:7021)य” से सलाहकार सिमित का सद(cid:7021)य अिभ(cid:7079)ेत ह ैऔर इसम(cid:7286) अ(cid:7007)य(cid:6979) शािमल ह;ै
(च)(cid:32) “सिचव” से बोड(cid:6981) (cid:7367)ारा इस (cid:7079)योजनाथ(cid:6981) नािमत बोड(cid:6981) का अिधकारी अिभ(cid:7079)ेत ह।ै
(2) इन िविनयम(cid:7298) म(cid:7286) (cid:7079)य(cid:7334)ु परंतु प(cid:7407)रभािषत न (cid:7408)कए गए श(cid:7011)द(cid:7298) या अिभ(cid:7390)ि(cid:7334)य(cid:7298) िज(cid:7008)ह (cid:7286) इस संिहता म(cid:7286) प(cid:7407)रभािषत (cid:7408)कया गया
ह,ै के (cid:7059)मश: वही आशय ह(cid:7298)ग ेजो उ(cid:7008)ह (cid:7286) इस संिहता म (cid:7286)(cid:7408)दए गए ह।(cid:7289)
अ(cid:7007)याय-II
सलाहकार सिमित का गठन
3. सलाहकार सिमित का गठन
(1) यह बोड(cid:6981) अपने काय(cid:7300) के कुशल िनव(cid:6981)हन के िलए संबंिधत म(cid:7374)ु (cid:7298) पर िवशेष(cid:6980) परामश (cid:6981) (cid:7079)ा(cid:7385) करन े के िलए आदेश (cid:7367)ारा
एक सलाहकार सिमित का गठन करेगा।
(2) यह बोड(cid:6981) िन(cid:7388)िलिखत सिमितय(cid:7298) का गठन करेगा:
(क)(cid:32) सेवा (cid:7079)दाता(cid:7312) संबंधी सलाहकार सिमित;
(ख)(cid:32) कारपोरेट (cid:7408)दवाला और प(cid:7407)रसमापन संबंधी सलाहकार सिमित;
(ग)(cid:32) (cid:7390)ि(cid:7334) (cid:7408)दवाला और शोधन अ(cid:6979)मता संबंधी सलाहकार सिमित; और
(घ)(cid:32) ऐसी अ(cid:7008)य कोई िवषय संबंधी सलाहकार सिमित जैसा (cid:7408)क बोड (cid:6981)समय-समय पर आव(cid:7019)यक समझे।
(3) उप-िविनयम (1) के अधीन (cid:7079)(cid:7004)येक आदेश म(cid:7286) सलाहकार सिमित का गठन और इसके अिधकार (cid:6979)े(cid:7074) म(cid:7286) आने वाल े
(cid:7390)ापक मु(cid:7374)े (cid:7408)दए जाएंगे।
(4) सलाहकार सिमित अपनी (cid:6979)े(cid:7074)ािधकार के अधीन आन े वाले (cid:7408)कसी मु(cid:7374)े पर (cid:7021)वयं और बोड(cid:6981) (cid:7367)ारा अनरु ोध करने पर
अपन ेअिधकार (cid:6979)े(cid:7074) के अधीन (cid:7408)कसी मु(cid:7374)े पर बोड(cid:6981) को परामश (cid:6981)और (cid:7390)ावसाियक सहायता देगी।
4. सलाहकार सिमित का सयं ोजन
(1) सलाहकार सिमित का संयोजन इस (cid:7079)कार होगा:
(क)(cid:32) (cid:7390)ावसाियक सद(cid:7021)य जो संबंिधत (cid:6979)े(cid:7074) म (cid:7286)िव(cid:6990)यात िश(cid:6979)ािवद ्या (cid:7390)वसायी ह,(cid:7289) और
(ख)(cid:32) सामा(cid:7008)य सद(cid:7021)य जो (cid:7079)(cid:6990)यात नाग(cid:7407)रक ह (cid:7289)िजनका उस (cid:6979)े(cid:7074) म(cid:7286) सीधी सहभािगता या िहत नह(cid:7277) ह:ै
परंत ु(cid:7408)क (cid:7390)ावसाियक सद(cid:7021)य(cid:7298) और सामा(cid:7008)य सद(cid:7021)य(cid:7298) का अनुपात मोटे तौर पर 2:1 होगा।
(2) कोई (cid:7390)ि(cid:7334) एक समय म (cid:7286) एक से अिधक सलाहकार सिमित का सद(cid:7021)य नह(cid:7277) होगा।
(3) (cid:7408)कसी सद(cid:7021)य का काय(cid:6981)काल तीन वष(cid:6981) स े अिधक नह(cid:7277) होगा:
परंत ु(cid:7408)क कोई (cid:7390)ि(cid:7334) उसी या (cid:7408)कसी अ(cid:7008)य सलाहकार सिमित के सद(cid:7021)य के (cid:7272)प म(cid:7286) पनु : िनयुि(cid:7334) के िलए पा(cid:7074) होगा।
(4) यह बोड (cid:6981)नािमत करेगा:
(क)(cid:32) सलाहकार सिमित के साधारण सद(cid:7021)य(cid:7298) म(cid:7286) से (cid:7408)कसी एक को इसका अ(cid:7007)य(cid:6979); और
(ख)(cid:32) अपन े एक व(cid:7407)र(cid:7399) अिधकारी को सलाहकार सिमित का सिचव और ऐसे सिचव को सलाहकार सिमित क(cid:7409) बैठक(cid:7298) म (cid:7286)
(cid:7408)कसी मु(cid:7374)े पर बोलन े का अिधकार तो होगा (cid:7412)कतु वह मतदान नह(cid:7277) करेगा।¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
अ(cid:7007)याय-III
बठै क(cid:7286)
बठै क(cid:7286)
5. (1) सलाहकार सिमित क(cid:7409) बैठक उतनी बार और ऐसे (cid:7021)थान(cid:7298) पर क(cid:7409) जाएगी जैसा (cid:7408)क आव(cid:7019)यक समझा जाए।
(2) सलाहकार सिमित क(cid:7409) वतम(cid:6981) ान सं(cid:6990)या का पचास (cid:7079)ितशत इसक(cid:7409) बैठक(cid:7298) के िलए कोरम बनाएगा।
(3) सलाहकार सिमित का सिचव सिमित क(cid:7409) बैठक(cid:7298) का आयोजन करेगा और बैठक(cid:7298) के (cid:7407)रकाड (cid:6981)रखेगा।
(4) सलाहकार सिमित का अ(cid:7007)य(cid:6979) बैठक(cid:7298) क(cid:7409) काय(cid:6981)सूची िनधा(cid:6981)(cid:7407)रत करेगा और सिमित क(cid:7409) बैठक(cid:7298) क(cid:7409) अ(cid:7007)(cid:7014)(cid:6979)ता करेगा।
फ(cid:7409)स
6. (1) सिमित का सद(cid:7021)य सिमित क(cid:7409) (cid:7079)(cid:7004)येक बैठक के िलए दस हजार (cid:7271)पए क(cid:7409) िस(cid:7411)टग फ(cid:7409)स (cid:7079)ा(cid:7385) करन ेका पा(cid:7074) होगा।
(2) सिमित का (cid:7079)(cid:7004)येक सद(cid:7021)य सिमित क(cid:7409) बैठक(cid:7298) म (cid:7286) भाग लने े के िलए भारत सरकार के सिचव क(cid:7409) पा(cid:7074)ता के समक(cid:6979) या(cid:7074)ा और
आवास पर होने वाल े (cid:7390)य क(cid:7409) (cid:7079)ितपू(cid:7414)त के िलए पा(cid:7074) होगा।
आचरण
7. (1) सलाहकार सिमित का कोई भी सद(cid:7021)य सिमित के (cid:7367)ारा िवचार (cid:7408)कए गए या िवचाराधीन मु(cid:7374)(cid:7298) पर (cid:7079)ेस या (cid:7408)कसी अ(cid:7008)य
पि(cid:7011)लक मीिडया को सूचना नह(cid:7277) देगा।
(2) कोई सद(cid:7021)य िजसका सिमित क(cid:7409) (cid:7408)कसी बैठक म (cid:7286) िवचाराथ (cid:6981) आन े वाल े (cid:7408)कसी मु(cid:7374)े म (cid:7286) (cid:7079)(cid:7004)य(cid:6979) या अ(cid:7079)(cid:7004)ये(cid:6979) िहत ह,ै तो वह अपने
िहत क(cid:7409) (cid:7079)कृित उस बैठक म(cid:7286) (cid:7079)कट करेगा।
(3) कोई सद(cid:7021)य ऐसे काय(cid:6981) के सबं ंध म(cid:7286) सिमित (cid:7367)ारा मांगी गई (cid:7390)ावसाियक सलाह को छोड़कर सिमित के (cid:7408)कसी िवचार-िवमश(cid:6981)
या चचा(cid:6981) म(cid:7286) भाग नह(cid:7277) लगे ा।
डॉ. एम. एस. सा(cid:7264), अ(cid:7007)य(cid:6979)
[िव(cid:6980)ापन-III/4/असा./402/16]
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 30th January, 2017
Insolvency and Bankruptcy Board of India (Advisory Committee) Regulations, 2017
IBBI/2016-17/GN/REG008.—In exercise of the powers conferred by section 197 read with section 240 of the
Insolvency and Bankruptcy Code, 2016, the Insolvency and Bankruptcy Board of India hereby makes the following
regulations, namely:—
Chapter I
Preliminary
1. Short title and commencement.
(1)(cid:32) These regulations may be called Insolvency and Bankruptcy Board of India (Advisory Committee) Regulations,
2017.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(2)(cid:32) These regulations shall come into force on the date of their publication in the Official Gazette.
2. Definitions.
(1) In these regulations, unless the context otherwise requires:—
a)(cid:32) “Advisory Committee” means an Advisory Committee constituted by an order of the Board under section 197 of
the Code read with these regulations;
b)(cid:32) “Board” means the Insolvency and Bankruptcy Board of India established under section 188(1) of the Code;
c)(cid:32) “Chairperson” means the Chairperson of the Advisory Committee;
d)(cid:32) “Code” means the Insolvency and Bankruptcy Code, 2016;
e)(cid:32) “Member” means a Member of the Advisory Committee and includes Chairperson;
f)(cid:32) “Secretary” means an officer of the Board designated as such by the Board;
(2) Words and expressions used and not defined in these regulations but defined in the Code shall have the meanings
respectively assigned to them in the Code.
Chapter II
Constitution of Advisory Committee
3. Constitution of Advisory Committee.
(1) The Board may, by an order, constitute an Advisory Committee to obtain expert advice on issues relevant for the
efficient discharge of its functions.
(2) The Board may constitute the following committees:-
a)(cid:32) Advisory Committee on Service Providers;
b)(cid:32) Advisory Committee on Corporate Insolvency and Liquidation;
c)(cid:32) Advisory Committee on Individual Insolvency and Bankruptcy, and
d)(cid:32) Any other subject specific Advisory Committee as the Board may consider expedient from time to time.
(3) Every order under sub-regulation (1) shall provide for composition of the Advisory Committee and the broad issues
under its purview.
(4) An Advisory Committee may advise the Board on any issue under its purview on its own and shall advise and
provide professional support on any issue under its purview on a request from the Board.
4. Composition of Advisory Committee.
(1) An Advisory Committee shall comprise of:-
a) Professional Members, who are eminent academicians or practitioners in the relevant area, and
b) General Members, who are eminent citizens not having direct involvement or interest in the area:
Provided that Professional Members and General Members shall roughly be in the ratio of 2:1.
(2) No person shall be a Member of more than one Advisory Committee at any point of time.
(3) The term of a Member shall not exceed three years:
Provided that a person shall be eligible for reappointment as Member of the same or another Advisory Committee.¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 5
(4) The Board shall designate:
a)(cid:32) one of the General Members of the Advisory Committee as its Chairperson; and
b)(cid:32) one of its senior Officers as Secretary to the Advisory Committee and such Secretary shall have right to speak,
but not vote on any issue in the meetings of the Advisory Committee.
Chapter III
Meetings
5. Meetings.
(1) An Advisory Committee shall meet at such times and places as it considers expedient.
(2) Fifty percent of the existing strength of the Advisory Committee shall constitute quorum for its meetings.
(3) Secretary to the Advisory Committee shall convene meetings of the Committee and maintain records of meetings.
(4) Chairperson of the Advisory Committee shall decide the agenda for the meetings and preside over the meetings of the
Committee.
6. Fee.
(1) A Member of the Committee shall be entitled to a sitting fee of Rs.10,000 for a meeting of the Committee.
(2) A Member of the Committee shall be entitled to reimbursement of expenses on his travel and accommodation for
attending the meetings of the Committee at par with the entitlement of Secretary to Government of India.
7. Conduct.
(1) No member of the Advisory Committee shall communicate to the Press or to any other public media on issues that
have been considered or are under consideration of the Committee.
(2) A Member, who is directly or indirectly interested in any issue coming up for consideration at a meeting of the
Committee, shall disclose the nature of his interest at such meeting.
(3) A Member shall not take part in any deliberation or discussion of the Committee with respect to such business except
to the extent of professional advice if sought by the Committee.
Dr. M. S. SAHOO, Chairperson
[ADVT.-III/4/Exty./402/16]
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