Executive Summary:
This document contains amendments to the Insolvency and Bankruptcy Board of India Model Bye-Laws and Governing Board of Insolvency Professional Agencies Regulations, 2016. These amendments, effective from the date of publication in the Official Gazette (July 23, 2019), concern authorization for assignment, and the age limit for insolvency professionals. It details eligibility, application, and surrender of authorization for assignment.
Key Points / Main Content:
Age Limit:
* The upper age limit for insolvency professionals is increased from seventy to seventy-five years.
Authorization for Assignment:
* "Assignment" is defined as any assignment of an insolvency professional in various roles under the Code.
* "Authorization for assignment" is defined as an authorization to undertake an assignment, issued by an insolvency professional agency.
* "Certificate of membership" means the certificate of membership of the Agency granted under byelaw 10.
* In clause 12, in subclause 1, after item f, the following item shall be inserted, namely: fa date of issue, renewal, suspension, revocation of suspension, cancellation and acceptance of surrender of authorisation for assignment and authorisation number;
Issuance and Renewal:
* The Agency may issue or renew authorization for assignment upon application by a professional member.
Eligibility for Authorization:
* Must be registered with the Board as an insolvency professional.
* Must be a fit and proper person.
* Must not be in employment.
* Must not be debarred by the Agency or the Board.
* Must not have attained the age of seventy years.
* Must have no disciplinary proceeding pending.
* Must comply with fee payment, filings/disclosures, continuous professional education, and other requirements.
Application Process:
* Application form, manner, and fee as provided by the Agency.
* Renewal application to be made before expiry, but not earlier than 45 days before expiry.
* Agency must issue, renew, or reject the application with a reasoned order within fifteen days of receipt.
* If no action is taken within fifteen days, the authorization is deemed issued or renewed.
* Authorization is valid for one year or until the professional member turns seventy years old, whichever is earlier.
* Applicants can appeal rejection to the Membership Committee within seven days of the order.
* The Membership Committee shall pass an order disposing of the appeal by a reasoned order, within fifteen days of the date of receipt of the appeal
Suspension:
* Authorization for assignment is suspended upon initiation of disciplinary proceedings by the Agency or the Board.
Cancellation:
* Cancellation of authorization for assignment is added to the list in subclause 2.
Surrender of Authorization:
* Professional member must apply to surrender authorization at least thirty days before:
* Becoming a person resident outside India.
* Taking up employment.
* Starting any business not permitted under the Code of Conduct.
* Agency must inform the Board of acceptance within one working day.
* Surrender is not accepted if:
* Authorization has been suspended.
* An assignment is continuing.
* The member's name is on a panel prepared by the Board.
Form B:
* A new FORM B, "AUTHORISATION FOR ASSIGNMENT" is added to the Annexure.
Impact Analysis:
Insolvency Professionals:
* Impact: Must meet eligibility criteria and follow the new application/surrender processes for authorization for assignment; the age limit to be an insolvency professional has been raised to 75.
* Action Required: Review eligibility, apply for authorization/renewal as needed, and adhere to surrender requirements.
Insolvency Professional Agencies:
* Impact: Must implement the new authorization for assignment process, including application review, issuance/renewal/rejection, and handling surrender requests; implement changes in accordance with the updated bye-laws.
* Action Required: Update byelaws and processes to reflect the new regulations.
Insolvency and Bankruptcy Board of India:
* Impact: Oversight of the authorization for assignment process and surrender of authorization, as well as the overall amended regulations.
* Action Required: Monitor implementation and ensure compliance by agencies and professionals.
Key Entities Referenced
Insolvency and Bankruptcy Board of India (IBBI): A regulatory body established under the Insolvency and Bankruptcy Code, 2016 in India. It oversees insolvency proceedings and regulates insolvency professionals and agencies.
Insolvency and Bankruptcy Code, 2016: An Indian law that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.
Insolvency Professional Agency: An entity recognized by the IBBI that enrolls insolvency professionals as its members and conducts training and monitoring activities.
Insolvency Professional: A professional registered with the IBBI who is qualified to administer insolvency resolution processes under the Insolvency and Bankruptcy Code, 2016.
New Delhi: The location where the notification was issued.
Insolvency and Bankruptcy Board of India Model ByeLaws and Governing Board of Insolvency Professional Agencies Regulations, 2016: Regulations established by the IBBI to govern the functioning of Insolvency Professional Agencies.
Membership Committee: A committee within an Insolvency Professional Agency that reviews appeals related to application rejections.
Ministry of Corporate Affairs: The ministry under the Government of India that has jurisdiction over the Insolvency and Bankruptcy Board of India.
jftLVªh laö Mhö ,yö&33004@99 REGD. NO. D. L.-33004/99
vlk/kj.k
EXTRAORDINARY
Hkkx III—[k.M 4
PART III—Section 4
izkf/dkj ls izdkf'kr
PUBLISHED BY AUTHORITY
la- 261] ubZ fnYyh] eaxyokj] tqykbZ 23] 2019@Jko.k 1] 1941
No. 261] NEW DELHI, TUESDAY, JULY 23, 2019/ SHRAVANA 1, 1941
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, 23 जुलाई, 2019
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)((((आआआआददददशशशश (cid:13)(cid:13) (cid:13)(cid:13)उउउउपपपप----ििििववववििििधधधधययययाााा ंं ंंऔऔऔऔरररर (cid:1)(cid:1)(cid:1)(cid:1)ददददववववााााललललाााा (cid:16)(cid:16)(cid:16)(cid:16)ााााववववससससााााििििययययकककक एएएएजजजजिि(cid:23)(cid:23)िि(cid:23)(cid:23) ससससयययय(cid:24)(cid:24)(cid:24)(cid:24) ककककाााा शशशशााााससससीीीी बबबबोोोोडडडड))(cid:13)(cid:13)))(cid:13)(cid:13)
((((ससससशशशशंंंं ोोोोधधधधनननन)))) ििििववववििििननननययययमममम,,,, 2222000011119999
फफफफाााा.... सससस..ंं..ंं आआआआईईईई....बबबबीीीी....बबबबीीीी....आआआआईईईई....////2222000011119999----22220000////जजजजीीीी....एएएएनननन....////आआआआरररर....ईईईई....जजजजीीीी....000044443333....————भारतीय (cid:1)दवाला और शोधन अ(cid:9)मता बोड,(cid:15)
(cid:1)दवाला और शोधन अ(cid:9)मता सिं हता, 2016 (2016 का 31) क(cid:17) धारा 240 के साथ प(cid:19)ठत धारा 196, धारा 203 और धारा
205 (cid:21)ारा (cid:23)द(cid:24) शि(cid:27)य(cid:29) का (cid:23)योग करत े (cid:31)ए, भारतीय (cid:1)दवाला और शोधन अ(cid:9)मता बोड (cid:15) (आदश (cid:15) उप-िविधया ं और (cid:1)दवाला
"ावसाियक एज%िसय(cid:29) का शासी बोड)(cid:15) िविनयमन, 2016 का और संशोधन करने के िलए िन’िलिखत िविनयम बनाता ह,ै
अथा(cid:15)त:् -
1. (1) इन िविनयम(cid:29) का सिं (cid:9), नाम भारतीय (cid:1)दवाला और शोधन अ(cid:9)मता बोड (cid:15) (आदश (cid:15) उप-िविधया ं और (cid:1)दवाला
"ावसाियक एजि% सय(cid:29) का शासी बोड)(cid:15) (सशं ोधन) िविनयम, 2019 ह।ै
(2) य ेराजप- म% उनके (cid:23)काशन क(cid:17) तारीख को (cid:23)वृ(cid:24) ह(cid:29)गे ।
2. भारतीय (cid:1)दवाला और शोधन अ(cid:9)मता बोड (cid:15)(आदश (cid:15)उप-िविधयां और (cid:1)दवाला "ावसाियक एज%िसय(cid:29) का शासी बोड)(cid:15)
िविनयमन, 2016 (िज1ह % इसम % इसके प3ात ् मलू िविनयम कहा गया ह)ै के िविनयम 5 के उप-िविनयम (8) म % “स(cid:24)र वष”(cid:15)
श5द(cid:29) के 6थान पर “पचह(cid:24)र वष(cid:15)” श5द रखे जाएंगे ।
3. मलू िविनयम क(cid:17) अनसु ूची म,%-
(i) खंड 4 के उपखंड (1) म %मद (क) के 6थान पर िन’िलिखत मद %रखी जाएंगी, अथा(cid:15)त:्–
‘(क) “िनयत काय(cid:15) (असाइनम%ट)” से (cid:1)कसी (cid:1)दवाला "ावसाियक का अंत(cid:19)रम समाधान "ावसाियक, समाधान "ावसाियक,
प(cid:19)रसमापक, शोधन अ(cid:9)मता 1यासी, (cid:23)ािधकृत (cid:23)ितिनिध या सिं हता के अधीन (cid:1)कसी अ1य भिू मका म % कोई िनयत काय (cid:15)
अिभ(cid:23)ेत ह;ै
3759 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(कक) “िनयत काय(cid:15) (असाइनम%ट) के िलए (cid:23)ािधकार” से (cid:1)कसी (cid:1)दवाला "ावसाियक एज%सी (cid:21)ारा (cid:1)कसी ऐस े (cid:1)दवाला
"ावसाियक को, जो उसका "ावसाियक सद6य ह,ै उसक(cid:17) उप-िविधय(cid:29) के अनुसार जारी (cid:1)कसी िनयत काय(cid:15) को आरंभ करन े
का (cid:23)ािधकार अिभ(cid:23)ेत ह;ै
(कख) “सद6यता (cid:23)माणप-” से उप-िविध 10 के अधीन अनुद(cid:24) एज%सी क(cid:17) सद6यता का (cid:23)माणप- अिभ(cid:23)ेत ह;ै’ ।
(ii) खंड 12 के उपखंड (1) म,% मद (च) के प3ात ्िन’िलिखत मद अंतः6थािपत क(cid:17) जाएगी:–
“(चक) िनयत काय (cid:15)के िलए (cid:23)ािधकार और (cid:23)ािधकार स?ं यांक जारी करन,े उसका नवीकरण, िनलंबन, िनलंबन का (cid:23)ितसंहरण,
अ@य़पण(cid:15) का रBकरण और 6वीकार करन ेक(cid:17) तारीख ।”;
(iii) खंड 12 के प3ात,् िन’िलिखत खंड अंतः6थािपत (cid:1)कए जाएंगे, अथात(cid:15) ्:–
““““11112222कककक.... ििििननननययययतततत ककककाााायययय (cid:13)(cid:13) (cid:13)(cid:13)ककककेेेे ििििललललएएएए (cid:25)(cid:25)(cid:25)(cid:25)ााााििििधधधधककककाााारररर
(1) एज%सी, अपने "ावसाियक सद6य (cid:21)ारा आवेदन (cid:1)कए जाने पर, िनयत काय(cid:15) के िलए (cid:23)ािधकार जारी या नवीकृत
कर सकेगी ।
(2) कोई "ावसाियक सद6य, िनयत काय(cid:15) के िलए (cid:23)ािधकार अिभ(cid:23)ा, करने का तब पा- होगा, य(cid:1)द –
(क) वह बोड (cid:15)के पास (cid:1)दवाला "ावसाियक के Cप म %रिज6Dीकृत ह;ै
(ख) वह भारतीय (cid:1)दवाला और शोधन अ(cid:9)मता बोड (cid:15) ((cid:1)दवाला "ावसाियक) िविनयमन, 2016 के िविनयम 4 के
खंड (छ) के 6पEीकरण के िनबधं नानुसार उपयु(cid:27) और समुिचत "ि(cid:27) ह;ै
(ग) वह िनयोजन म% नहF ह;ै
(घ) वह एज%सी या बोड (cid:15)के (cid:1)कसी िनदेश या आदशे (cid:21)ारा िववGजत नहF ह;ै
(ङ) उसने स(cid:24)र वष(cid:15) क(cid:17) आयु (cid:23)ा, नहF कर ली ह;ै
(च) उसके िवHI एजस% ी या बोड (cid:15)के सम(cid:9) कोई अनुशासिनक काय(cid:15)वाही लंिबत नहF ह;ै
(छ) वह आवेदन क(cid:17) तारीख को–
(i) एज%सी और बोड (cid:15)को फ(cid:17)स का सदं ाय करन;े
(ii) एज%सी और बोड (cid:15)के सम(cid:9) फाइल करने और (cid:23)कटन(cid:29);
(iii) िनर1तर "ावसाियक िश(cid:9)ा; और
(iv) संिहता, िविनयम(cid:29), एज%सी और बोड (cid:15) (cid:21)ारा समय-समय पर जारी (cid:1)कए गए प(cid:19)रप-(cid:29), िनदशे (cid:29) या
(cid:1)दशािनदशK (cid:29) के अधीन अनुबI अ1य अपे(cid:9)ाL क(cid:17) बाबत अपे(cid:9)ाL का अनुपालन करता ह ै।
(3) िनयत काय (cid:15) के िलए (cid:23)ािधकार जारी करन े या उसके नवीकरण के िलए आवेदन ऐस े (cid:23)Cप, ऐसी रीित और ऐसी
फ(cid:17)स सिहत (cid:1)कया जाएगा, जो एज%सी उपबिं धत करे :
पर1त ु िनयत काय (cid:15) के िलए (cid:1)कसी (cid:23)ािधकार के नवीकरण के िलए आवेदन (cid:23)ािधकार के अवसान क(cid:17) तारीख स े पूव (cid:15)
(cid:1)कसी भी समय (cid:1)कया जाएगा (cid:1)क1त ु(cid:23)ािधकार के अवसान क(cid:17) तारीख स ेपNतालीस (cid:1)दन पूव(cid:15) नहF (cid:1)कया जाएगा।
(4) एज%सी आवेदन पर उप-िविधय(cid:29) के अनुसार िवचार करेगी और यथाि6थित, या तो "ावसाियक सद6य को (cid:23)Cप
ख म %िनयत काय (cid:15)के िलए (cid:23)ािधकार जारी या नवीकृत करेगी या सकारण आदशे सिहत आवेदन को नामंजूर करेगी।
(5) य(cid:1)द एज%सी (cid:21)ारा आवेदन (cid:23)ा, (cid:1)कए जाने क(cid:17) तारीख स े प1Oह (cid:1)दन के भीतर िनयत काय(cid:15) के िलए (cid:23)ािधकार
जारी, नवीकृत या नामंजूर नहF (cid:1)कया जाता ह ै तो एजस% ी (cid:21)ारा (cid:23)ािधकार,यथाि6थित, जारी या नवीकृत (cid:1)कया गया समझा
जाएगा।¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
(6) एजस% ी (cid:21)ारा जारी या नवीकृत कोई (cid:23)ािधकार, यथाि6थित, उसके जारी या नवीकृत (cid:1)कए जाने क(cid:17) तारीख से एक
वष(cid:15) क(cid:17) अविध के िलए या उस तारीख तक िविधमा1य होगा िजसको "ावसाियक सद6य स(cid:24)र वष(cid:15) क(cid:17) आयु (cid:23)ा, कर लेता ह,ै
इनम %से जो भी पूव(cid:15)तर हो।
(7) एज%सी (cid:21)ारा उसका आवेदन नामंजूर करने वाल े (cid:1)कसी आदशे स े "िथत कोई आवेदक, आदशे क(cid:17) (cid:23)ाि, क(cid:17)
तारीख स ेसात (cid:1)दन के भीतर सद6यता सिमित को अपील कर सकेगा।
(8) सद6यता सिमित, अपील क(cid:17) (cid:23)ाि, क(cid:17) तारीख से प1Oह (cid:1)दन के भीतर सकारण आदशे (cid:21)ारा अपील का िनपटारा
करते (cid:31)ए एक आदशे पा(cid:19)रत करेगी ।”;
(iv) खंड 23 के प3ात,् िन’िलिखत खंड अंतः6थािपत (cid:1)कया जाएगा, अथा(cid:15)त:्–
“23क. िनयत काय(cid:15) के िलए (cid:23)ािधकार, यथाि6थित, एज%सी या बोड (cid:15) (cid:21)ारा अनुशासिनक काय(cid:15)वािहयां (cid:23)ारंभ करने पर िनलिं बत
हो जाएगा ।”;
(v) खंड 24 के उपखंड (2) म,% मद (ख) के प3ात ्िन’िलिखत मद अंतः6थािपत क(cid:17) जाएगी, अथा(cid:15)त:्–
“(खक) िनयत काय (cid:15)के िलए (cid:23)ािधकार का रBकरण;”;
(vi) खंड 26 के 6थान पर िन’िलिखत खंड रखा जाएगा, अथात(cid:15) ्:–
““““ििििननननययययतततत ककककाााायययय (cid:13)(cid:13) (cid:13)(cid:13)ककककेेेे ििििललललएएएए (cid:25)(cid:25)(cid:25)(cid:25)ााााििििधधधधककककाााारररर ककककाााा अअअअ(cid:28)(cid:28)(cid:28)(cid:28)ययययपपपपणण(cid:13)(cid:13)णण(cid:13)(cid:13)
26 (1) कोई "ावसाियक सद6य, िनयतकाय (cid:15)के िलए अपने (cid:23)ािधकार का अ@यप(cid:15)ण करन ेके िलए,-
(क) भारत के बाहर िनवास करने वाला "ि(cid:27) बनने;
(ख) उसके (cid:21)ारा कोई िनयोजन Pहण करन;े या
(ग) उसके (cid:21)ारा आचार सिं हता के अधीन िविनQदE Cप स े अनुRात कारबार के िसवाय कोई कारबार आरंभ, करने स े
कम से कम तीस (cid:1)दन पूव (cid:15) एज%सी को आवेदन करेगा और ऐसा अ@यपण(cid:15) 6वीकार कर िलए जान े पर एजस% ी (cid:21)ारा
अ@यपण(cid:15) को 6वीकार करन ेके एक काय(cid:15) (cid:1)दवस के भीतर बोड (cid:15)को इसक(cid:17) सूचना दी जाएगी ।
(2) एजस% ी (cid:21)ारा िनयतकाय(cid:15) के िलए (cid:23)ािधकार के अ@यप(cid:15)ण के िलए कोई आवेदन तब 6वीकार नहF (cid:1)कया जाएगा, य(cid:1)द –
(क) िनयत काय(cid:15) के िलए (cid:23)ािधकार िनलिं बत कर (cid:1)दया गया ह;ै
(ख) कोई िनयतकाय(cid:15) चल रहा ह;ै
(ग) बोड (cid:15) (cid:21)ारा िनयतकाय (cid:15) करने के िलए तैयार (cid:1)कए गए (cid:1)कसी पनै ल म% "ावसाियक सद6य का नाम शािमल (cid:1)कया
गया ह ै।”;
(vii) अनुलSक म,% (cid:23)Cप क के प3ात् िन’िलिखत (cid:23)Cप अंतः6थािपत (cid:1)कया जाएगा, अथा(cid:15)त:्–
““““(cid:25)(cid:25)(cid:25)(cid:25)(cid:31)(cid:31)(cid:31)(cid:31)पपपप खखखख
ििििननननययययतततत ककककाााायययय (cid:13)(cid:13)(cid:13)(cid:13)ककककेेेे ििििललललएएएए (cid:25)(cid:25)(cid:25)(cid:25)ााााििििधधधधककककाााारररर
((((एएएएजजजजसस(cid:23)(cid:23)सस(cid:23)(cid:23) ीीीी कककक!!!! उउउउपपपप----ििििववववििििधधधधयययय(cid:24)(cid:24)(cid:24)(cid:24) कककक!!!! उउउउपपपप----ििििववववििििधधधध 11112222कककक ककककेेेे अअअअधधधधीीीीनननन))))
सससस..ंं..ंं ........................................ ततततााााररररीीीीखखखख…………………………………………
िनयत काय (cid:15) के िलए यह (cid:23)ािधकार (नाम अंतः6थािपत कर%) को, जो ((cid:1)दवाला "ावसाियक एज%सी का नाम अंतः6थािपत कर%)
के "ावसाियक सद6य के Cप म % नामां(cid:1)कत ह,ै िजसक(cid:17) "ावसाियक सद6यता सं. (स?ं याकं अंतः6थािपत कर%) ह ै और जो
(cid:1)दवाला और शोधन अ(cid:9)मता सिं हता, 2016 के अधीन भारतीय (cid:1)दवाला और शोधन अ(cid:9)मता बोड (cid:15) के पास (cid:1)दवाला
"ावसाियक के Cप म% रिज6Dीकृत ह ैऔर िजसका रिज6Dीकरण स?ं याकं (स?ं यांक अंतः6थािपत कर%) ह,ै जारी (cid:1)कया जाता ह ै।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
2. यह (cid:23)ािधकार(तारीख अंतः6थािपत कर%) से (तारीख अंतः6थािपत कर%) तक िविधमा1य ह ै ।/ इस (cid:23)ािधकार का (तारीख
अंतः6थािपत कर%) को नवीकरण (cid:1)कया जाता ह ै और वह (तारीख अंतः6थािपत कर%) तक िविधमा1य ह ै । (जो लाग ू न हो उस े
काट दीिजए)
ह6ता/-
((cid:1)दवाला "ावसाियक एजस% ी का नाम) क(cid:17) ओर स े
6थान:……………..
तारीख:………………” ।
डॉ. एम. एस. साT, अUय(cid:9)
[िवRापन–III/4/असा./147/19]
""""टटटट$$$$पपपपणणणण:::: भारतीय (cid:1)दवाला और शोधन अ(cid:9)मता बोड (cid:15) (आदश(cid:15) उप-िविधया ंऔर (cid:1)दवाला "ावसाियक एजि% सय(cid:29) का शासी बोड)(cid:15)
िविनयमन, 2016, भारत के राजप-, असाधारण, भाग III, खंड 4, सं. 421, तारीख 22 नवVबर, 2016 म% अिधसूचना स.ं
आई.बी.बी.आई./2016-17/जी.एन./आर.ई.जी.001, तारीख 21 नवVबर, 2016 (cid:21)ारा (cid:23)कािशत (cid:1)कए गए थ े और इसके बाद
भारत के राजप-, असाधारण, भाग III, खंड 4, सं. 383, तारीख 11 अ(cid:27)ूबर, 2018 म% अिधसूचना स.ंआई.बी.बी.आई./
2018-19/जी.एन./आर.ई.जी.035, (cid:21)ारा (cid:23)कािशत भारतीय (cid:1)दवाला और शोधन अ(cid:9)मता बोड (cid:15) (आदश (cid:15) उप-िविधया ं और
(cid:1)दवाला "ावसाियक एजि% सय(cid:29) का शासी बोड)(cid:15) (संशोधन) िविनयम, 2018 (cid:21)ारा उनम% संशोधन (cid:1)कए गए ।
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 23rd July, 2019
Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency
Professional Agencies) (Amendment) Regulations, 2019
F. No. IBBI/2019-20/GN/REG043.—In exercise of the powers conferred by sections 196, 203 and
205 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 further to amend the Insolvency and
Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies)
Regulations, 2016, namely:—
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Model Bye-Laws and
Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019.
(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 (Model Bye-Laws and Governing Board of Insolvency
Professional Agencies) Regulations, 2016 (hereinafter referred to as the principal regulations), in regulation 5,
in sub-regulation (8), for the words “seventy years”, the words “seventy-five years” shall be substituted.
3. In the principal regulations, in the Schedule, -
(i) in clause 4, in sub-clause (1), for item (a), the following items shall be substituted, namely:-
‘(a) “assignment” means any assignment of an insolvency professional as interim resolution professional,
resolution professional, liquidator, bankruptcy trustee, authorised representative or in any other role under the
Code;
(aa) “authorisation for assignment” means an authorisation to undertake an assignment, issued by an
insolvency professional agency to an insolvency professional, who is its professional member, in accordance
with its bye-laws;
(ab) “certificate of membership” means the certificate of membership of the Agency granted under
bye-law 10;’;¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 5
(ii) in clause 12, in sub-clause (1), after item (f), the following item shall be inserted, namely:-
“(fa) date of issue, renewal, suspension, revocation of suspension, cancellation and acceptance of surrender of
authorisation for assignment and authorisation number;”;
(iii) after clause 12, the following clauses shall be inserted, namely: -
“12A. Authorisation for Assignment.
(1) The Agency, on an application by its professional member, may issue or renew an authorisation for
assignment.
(2) A professional member shall be eligible to obtain an authorisation for assignment, if he-
(a) is registered with the Board as an insolvency professional;
(b) is a fit and proper person in terms of the Explanation to clause (g) of regulation 4 of the Insolvency
and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016;
(c) is not in employment;
(d) is not debarred by any direction or order of the Agency or the Board;
(e) has not attained the age of seventy years;
(f) has no disciplinary proceeding pending against him before the Agency or the Board;
(g) complies with requirements, as on the date of application, with respect to-
(i) payment of fee to the Agency and the Board;
(ii) filings and disclosures to the Agency and the Board;
(iii) continuous professional education; and
(iv) other requirements, as stipulated under the Code, regulations, circulars, directions or
guidelines issued by the Agency and the Board, from time to time.
(3) An application for issue or renewal of an authorisation for assignment, shall be in such form, manner
and with such fee, as may be provided by the Agency:
Provided that an application for renewal of an authorisation for assignment shall be made any time
before the date of expiry of the authorisation, but not earlier than forty-five days before the date of
expiry of the authorisation.
(4) The Agency shall consider the application in accordance with the bye-laws and either issue or renew, as
the case may be, an authorisation for assignment to the professional member in Form B or reject the
application with a reasoned order.
(5) 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.
(6) An authorisation for assignment issued or renewed by the Agency shall be valid for a period of one
year from the date of its issuance or renewal, as the case may be, or till the date on which the
professional member attains the age of seventy years, whichever is earlier.
(7) An applicant aggrieved of an order of rejection of his application by the Agency may appeal to the
Membership Committee within seven days from the date of receipt of the order.
(8) The Membership Committee shall pass an order disposing of the appeal by a reasoned order, within
fifteen days of the date of receipt of the appeal.”;
(iv) after clause 23, the following clause shall be inserted, namely: -
“23A. The authorisation for assignment shall stand suspended upon initiation of disciplinary proceedings
by the Agency or by the Board, as the case may be.”;
(v) in clause 24, in sub-clause (2), after item (b), the following item shall be inserted, namely:-6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
“(ba) cancellation of authorisation for assignment;”;
(vi) for clause 26, the following clause shall be substituted, namely: -
“Surrender of Authorisation for Assignment.`
26. (1) A professional member shall make an application to surrender his authorisation for assignment to the
Agency at least thirty days before he-
(a) becomes a person resident outside India;
(b) takes up an employment; or
(c) starts any business, except as specifically permitted under the Code of Conduct, and upon
acceptance of such surrender, the same shall be intimated to the Board by the Agency within one
working day of acceptance of surrender.
(2) No application for surrender of authorisation for assignments shall be accepted by the Agency, if -
(a) the authorisation for assignment has been suspended;
(b) an assignment is continuing; or
(c) name of the professional member is included in any panel prepared by the Board for undertaking
assignment.”;
(vii) in the Annexure, after FORM A, the following Form shall be inserted, namely: -
“FORM B
AUTHORISATION FOR ASSIGNMENT
(Under bye-law 12A of the Agency’s Bye-laws)
No. .......... Date
…………
This authorisation for assignment is issued to [insert name], who is enrolled as a professional member of the
[insert name of insolvency professional agency] with professional membership no. [insert number] and
registered with the Insolvency and Bankruptcy Board of India as an insolvency professional with registration
no. [insert number] under the Insolvency and Bankruptcy Code, 2016.
2. This authorisation is valid from [insert date] to [insert date]. / This authorisation is renewed on [insert date]
and is valid till [insert date]. (Strike off if not applicable).
Sd/-
For and on behalf of [name of insolvency professional agency]
Place:……………..
Date:………………”.
Dr. M. S. SAHOO, Chairperson
[ADVT.–III/4/Exty./147/19]
Note : The Insolvency and Bankruptcy Board of India (Model Bye–Laws and Governing Board of Insolvency
Professional Agencies) Regulations, 2016 were published vide notification No. IBBI/2016 -17/GN/REG001
dated 21st November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 421 on
22nd November, 2016 and were subsequently amended by the Insolvency and Bankruptcy Board of India
(Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations,
2018 published vide notification No. IBBI/2018-19/GN/REG35 in the Gazette of India, Extraordinary,
Part III, Section 4, No. 383 on 11th October, 2018.
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.