Executive Summary:
This document contains the Insolvency and Bankruptcy Board of India Insolvency Professional Agencies Amendment Regulations, 2018. It amends the Insolvency and Bankruptcy Board of India Insolvency Professional Agencies Regulations, 2016. The regulations come into force on the date of their publication in the Official Gazette, October 11, 2018.
Key Points / Main Content:
* **Eligibility for Registration (Amendment to Regulation 3):**
* Specifies conditions for registration as an insolvency professional agency.
* The agency must be a company registered under Section 8 of the Companies Act, 2013, with the sole object of functioning as an insolvency professional agency.
* It must have byelaws and governance structure as per IBBI regulations, a minimum net worth of ten crore rupees, and a paid-up share capital of five crore rupees.
* Restrictions are placed on control by persons resident outside India and on the shareholding structure.
* The applicant, promoters, directors, and shareholders must be fit and proper persons.
* **Equity Share Capital Restrictions:**
* Limits individual or concerted holdings to a maximum of five percent of the paid-up equity share capital in an insolvency professional agency.
* Exceptions are provided for certain entities:
* Stock exchanges, depositories, banking companies, insurance companies, and public financial institutions may hold up to fifteen percent.
* The Central Government, State Governments, and statutory regulators may hold up to one hundred percent.
* **Amendment to Schedule, Annexure to Form A, Part III:**
* Clause 8: "10" shall be substituted to "5".
* Clause 13: "10" shall be substituted to "5".
Impact Analysis:
* **Insolvency Professional Agencies:**
* *Impact:* Subject to revised eligibility criteria for registration and restrictions on shareholding.
* *Action Required:* Ensure compliance with the new regulations to maintain or obtain registration.
* **Insolvency and Bankruptcy Board of India:**
* *Impact:* Responsible for enforcing and overseeing the implementation of the amended regulations.
* *Action Required:* Update registration processes and supervisory mechanisms to reflect the changes.
* **Potential Investors/Shareholders:**
* *Impact:* Affected by the restrictions on equity share capital holdings in insolvency professional agencies.
* *Action Required:* Adjust investment strategies to comply with the new limits, considering the exceptions for certain entities.
Key Entities Referenced
Insolvency and Bankruptcy Code, 2016: A law that provides a framework for insolvency and bankruptcy proceedings in India.
Insolvency and Bankruptcy Board of India (IBBI): The regulatory body overseeing insolvency and bankruptcy proceedings in India.
Insolvency Professional Agencies Regulations, 2016: Regulations established by the IBBI governing insolvency professional agencies.
Insolvency Professional Agencies Amendment Regulations, 2018: Amendments to the 2016 regulations concerning insolvency professional agencies.
Companies Act, 2013: Indian law governing the incorporation, regulation, and winding up of companies.
Dr. M. S. Sahoo: Chairperson of the Insolvency and Bankruptcy Board of India (IBBI).
New Delhi: The location where the notification was issued, New Delhi, Delhi.
Official Gazette: The official government publication where the regulations are published.
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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. 381] NEW DELHI, THURSDAY, OCTOBER 11, 2018/ASVINA 19, 1940
भभभभााााररररततततीीीीयययय (cid:1)(cid:1)(cid:1)(cid:1)ददददववववााााललललाााा औऔऔऔरररर शशशशोोोोधधधधनननन अअअअ(cid:7)(cid:7)(cid:7)(cid:7)ममममतततताााा बबबबोोोोडडडड (cid:13)(cid:13)(cid:13)(cid:13)
अअअअििििधधधधससससचचूूचचूू ननननाााा
नई (cid:1)द(cid:3)ली, 11 अ(cid:6)त ूबर, 2018
भभभभााााररररततततीीीीयययय (cid:1)(cid:1)(cid:1)(cid:1)ददददववववााााललललाााा औऔऔऔरररर शशशशोोोोधधधधनननन अअअअ(cid:7)(cid:7)(cid:7)(cid:7)ममममतततताााा बबबबोोोोडडडड (cid:13)(cid:13) (cid:13)(cid:13)(((((cid:1)(cid:1)(cid:1)(cid:1)ददददववववााााललललाााा (cid:15)(cid:15)(cid:15)(cid:15)ााााववववससससााााििििययययकककक एएएएजजजजसस(cid:22)(cid:22)सस(cid:22)(cid:22) ीीीी)))) ((((ससससशशशशंंंं ोोोोधधधधनननन)))) ििििववववििििननननययययमममम,,,, 2222000011118888
सससस.ंंंं आआआआईईईई....बबबबीीीी....बबबबीीीी....आआआआईईईई..../2222000011118888----11119999/जजजजीीीी....एएएएनननन..../आआआआरररर....ईईईई....जजजजीीीी.000033333333.—भारतीय (cid:1)दवाला और शोधन अ(cid:13)मता बोड,(cid:18) (cid:1)दवाला
और शोधन अ(cid:13)मता सिं हता, 2016 (2016 का 31) क(cid:20) धारा 240 के साथ प(cid:22)ठत धारा 196, धारा 199, धारा 200, धारा
201, धारा 203 और धारा 204 (cid:24)ारा (cid:26)द(cid:27) शि(cid:30)य का (cid:26)योग करत े "ए, भारतीय (cid:1)दवाला और शोधन अ(cid:13)मता बोड (cid:18)
((cid:1)दवाला $ावसाियक एजस’ ी) िविनयम, 2016 का संशोधन करने के िलए िन)िलिखत िविनयम बनाता ह,ै अथा(cid:18)त:् -
1. (1) इन िविनयम का संि(cid:13). नाम भारतीय (cid:1)दवाला और शोधन अ(cid:13)मता बोड (cid:18) ((cid:1)दवाला $ावसाियक एज’सी)
(संशोधन) िविनयम, 2018 ह ै।
(2) य ेराजप/ म’ उनके (cid:26)काशन क(cid:20) तारीख को (cid:26)वृ(cid:27) ह गे ।
2. भारतीय (cid:1)दवाला और शोधन अ(cid:13)मता बोड (cid:18) ((cid:1)दवाला $ावसाियक एज’सी) िविनयम, 2016 (िज5ह ’ इसम ’ इसके
प7ात् मलू िविनयम कहा गया ह)ै म’, िविनयम 3 के <थान पर िन)िलिखत िविनयम रखा जाएगा, अथात(cid:18) :्-
“3333.... ररररििििजजजज(cid:27)(cid:27)(cid:27)(cid:27)(cid:28)(cid:28)(cid:28)(cid:28)ीीीीककककररररणणणण ककककेेेे ििििललललएएएए पपपपाााा तततताााा – (1) कोई भी $ि(cid:30) (cid:1)दवाला $ावसाियक एज’सी के @प म’ रिज<Aीकृत (cid:1)कए जान ेके िलए
तब तक पा/ नहB होगा जब तक (cid:1)क वह कंपनी अिधिनयम, 2013 क(cid:20) धारा 8 के अधीन एक रिज<Aीकृत कंपनी नहB ह,ै
और –
(क) उसका एकमा/ उGHे य सिं हता के अधीन (cid:1)कसी (cid:1)दवाला $ावसाियक एजस’ ी के कृIय का िनव(cid:18)हन करना ह;ै
(ख) उसक(cid:20) भारतीय (cid:1)दवाला और शोधन अ(cid:13)मता बोड (cid:18) (आदश(cid:18) उप-िविधया ं और (cid:1)दवाला $ावसाियक एजस’ ी का
शासी बोड)(cid:18) िविनयम, 2016 के अनसु ार उप-िविधयां और संचालन ढांचा ह;ै
(ग) उसका कुल मू(cid:3)य कम स ेकम दस करोड़ Oपए ह;ै
5977 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(घ) उसक(cid:20) समाद(cid:27) शेयर पूंजी पांच करोड़ Oपए ह;ै
(ङ) वह भारत के बाहर िनवासी (cid:1)कसी $ि(cid:30) के िनयं/णाधीन नहB ह;ै
(च) उसक(cid:20) उनचास (cid:26)ितशत स ेअनिधक शेयर पूंजी (cid:26)Iय(cid:13)तः या अ(cid:26)Iय(cid:13)तः भारत के बाहर िनवासी (cid:1)क5हB $ि(cid:30)य
(cid:24)ारा धा(cid:22)रत नहB ह;ै
(छ) वह एक स ेअिधक <तर पर (cid:1)कसी िनगिमत िनकाय क(cid:20) समनुषंगी नहB ह;ै और
(ज) आवेदक, उसके सं(cid:26)वतक(cid:18) , उसके िनदशे क और उसके शेयरधारक उपयु(cid:30) और समिु चत $ि(cid:30) ह V।
(cid:27)(cid:27)(cid:27)(cid:27)पपपप!!!!ीीीीककककररररणणणण 1111–खंड (छ) के (cid:26)योजन के िलए, (cid:1)कसी िनगिमत िनकाय के संबंध म ’ “<तर” पद स े उसक(cid:20) समनुषंगी
अिभ(cid:26)ेत ह ै।
(cid:27)(cid:27)(cid:27)(cid:27)पपपप!!!!ीीीीककककररररणणणण 2222–बोड,(cid:18) इस बात का अवधारण करन े के िलए (cid:1)क कोई $ि(cid:30) खंड (ज) के अधीन उपयु(cid:30) और समिु चत ह ै
अथवा नहB, (cid:1)कसी भी ऐसी िवचारणा को Yयान म ’ रख सकेगा, जो वह उिचत समझे, िजसके अतं ग(cid:18)त िन)िलिखत मानदंड
आता ह ै(cid:1)क5तु यही तक सीिमत नहB ह ै–
(i) सIयिन[ा, \याित और च(cid:22)र/,
(ii) दोषिसि] और अवरोध आदशे का न होना, और
(iii) स(cid:13)मता, िजसके अंतग(cid:18)त िव(cid:27)ीय शोधन (cid:13)मता और कुल मू(cid:3)य ह ै।
(2) कोई $ि(cid:30), (cid:1)कसी भी समय $ि^क @प से या िमलकर काय(cid:18) करने वाले $ि(cid:30)य सिहत (cid:26)Iय(cid:13)तः या
अ(cid:26)Iय(cid:13)ताः (cid:1)कसी (cid:1)दवाला $ावसाियक एज’सी क(cid:20) पांच (cid:26)ितशत स े अिधक समाद(cid:27) साधारण शये र पूंजी अ_जत(cid:18) या धा(cid:22)रत
नहB करेगा ।
पर5त ु–
(i) कोई <टॉक ए(cid:6)सच’ज;
(ii) कोई िन(cid:13)पे धारी;
(iii) कोई बbV कंग कंपनी;
(iv) कोई बीमा कंपनी;
(v) कोई लोक िव(cid:27)ीय सं<था; और
(vi) कोई ब"प(cid:13)ीय िव(cid:27)ीय सं<था,
$ि^क @प स े या िमलकर काय(cid:18) करने वाले $ि(cid:30)य सिहत (cid:26)Iय(cid:13)तः या अ(cid:26)Iय(cid:13)तः (cid:1)कसी (cid:1)दवाला $ावसाियक एजस’ ी क(cid:20)
प5cह (cid:26)ितशत तक समाद(cid:27) साधारण शेयर पूंजी अ_जत(cid:18) या धा(cid:22)रत कर सकेगी:
पर5त ुयह और (cid:1)क –
(i) के5cीय सरकार;
(ii) कोई राdय सरकार; और
(iii) कोई कानूनी िविनयामक,
(cid:1)कसी (cid:1)दवाला $ावसाियक एज’सी क(cid:20) (cid:26)Iय(cid:13)तः या अ(cid:26)Iय(cid:13)तः शत-(cid:26)ितशत तक समाद(cid:27) साधारण शेयर पूंजी अ_ज(cid:18)त या
धा(cid:22)रत कर सकेगा ।¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
3. मलू िविनयम क(cid:20) अनुसूची म,’ (cid:26)@प क के अऩलु gक के भाग 3 म’,-
(क) खंड 8 म,’ 10% के <थान पर 5% रखा जाएगा;
(ख) खडं 13 म’, 10% के <थान पर 5% रखा जाएगा ।
डॉ. एम. एस. साi, अYय(cid:13)
[िवjापन-III/4/असा./305/18]
$$$$टटटट&&&&पपपपणणणण:::: भारतीय (cid:1)दवाला और शोधन अ(cid:13)मता बोड (cid:18) ((cid:1)दवाला $ावसाियक एजस’ ी) िविनयम, 2016, भारत के राजप/,
असाधारण, भाग III, खंड 4, स.ं 420, तारीख 21 नवlबर, 2016 म ’ अिधसूचना सं. आई.बी.बी.आई.////2016-
17////जी.एन.////आर.ई.जी.002, तारीख 21 नवlबर, 2016 (cid:24)ारा (cid:26)कािशत (cid:1)कए गए थ े और इनम ’ अब तक कोई संशोधन नहB
(cid:1)कया गया ह ै।
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 11th October, 2018
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY PROFESSIONAL AGENCIES)
(AMENDMENT) REGULATIONS, 2018
No. IBBI/2018-19/GN/REG33.—In exercise of the powers conferred by sections 196, 199, 200, 201, 203, 204
read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board
of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board of India (Insolvency
Professional Agencies) Regulations, 2016, namely: -
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies)
(Amendment) Regulations, 2018.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016 (hereinafter
referred to as the principal regulations), for regulation 3, the following regulation shall be substituted, namely: -
“3. Eligibility for registration. - (1) No person shall be eligible for registration as an insolvency professional agency
unless it is a company registered under section 8 of the Companies Act, 2013, and -
(a) its sole object is to carry on the functions of an insolvency professional agency under the Code;
(b) it has bye-laws and governance structure in accordance with the Insolvency and Bankruptcy Board of India
(Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016;
(c) it has a minimum net worth of ten crore rupees;
(d) it has a paid-up share capital of five crore rupees;
(e) it is not under the control of any person resident outside India;
(f) not more than forty-nine per cent. of its share capital is held, directly or indirectly, by persons resident outside
India;
(g) it is not a subsidiary of a body corporate through more than one layer; and
(h) the applicant, its promoters, its directors and its shareholders are fit and proper persons.
Explanation 1.- For the purposes of clause (g), “layer” in relation to a body corporate means its subsidiary.
Explanation 2.- For determining whether a person is fit and proper under clause (h), the Board may take into
account any consideration as it deems fit, including but not limited to the following criteria, namely: -
(i) integrity, reputation and character,
(ii) absence of conviction and restraint orders,
(iii) competence including financial solvency and net worth.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(2) No person shall at any time, directly or indirectly, either individually or together with persons acting in concert,
acquire or hold more than five per cent. of the paid-up equity share capital in an insolvency professional agency:
Provided that-
(i) a stock exchange;
(ii) a depository;
(iii) a banking company;
(iv) an insurance company;
(v) a public financial institution; and
(vi) a multilateral financial institution,
may, acquire or hold, directly or indirectly, either individually or together with persons acting in concert, up to fifteen per
cent. of the paid-up equity share capital of an insolvency professional agency:
Provided further that-
(i) the Central Government;
(ii) a State Government; and
(iii) a statutory regulator,
may, acquire or hold, directly or indirectly, up to hundred per cent. of the paid-up equity share capital of an insolvency
professional agency.”.
3. In the principal regulations, in the Schedule, in Annexure to Form A, in Part III, -
(a) in clause 8, for “10%”, “5%” shall be substituted;
(b) in clause 13, for “10%”, “5%” shall be substituted.
Dr. M. S. SAHOO, Chairperson
[ADVT.-III/4/Exty./305/18]
Note: The Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016 were
published vide notification No. IBBI/2016-17/GN/REG002 on 22nd November, 2016 in the Gazette of India,
Extraordinary, Part III, Section 4, No. 420 dated 21st November, 2016 and these have not been amended so far.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.