Executive Summary:
This notification publishes the Insolvency and Bankruptcy Board of India Model Bye-Laws and Governing Board of Insolvency Professional Agencies Amendment Regulations, 2020. These amendments, effective from March 28, 2020, modify the 2016 regulations. The amendments address the authorization process for assignment of insolvency professionals, with a specific focus on applications received before September 30, 2020.
Key Points / Main Content:
Authorization for Assignment of Insolvency Professionals:
* For applications received between the commencement date of these amended regulations (March 28, 2020) and September 30, 2020, if the Insolvency Professional Agency does not issue, renew, or reject the authorization within 30 days of receipt, the authorization is considered automatically issued or renewed.
* If an application for authorization for assignment is rejected by the Insolvency Professional Agency between March 28, 2020, and September 30, 2020, the applicant can appeal to the Membership Committee within 30 days of receiving the rejection order.
Impact Analysis:
Insolvency Professional Agencies:
* Impact: Agencies must process authorization requests within 30 days for applications received between March 28, 2020 and September 30, 2020, to avoid automatic approval.
* Action Required: Ensure timely processing of authorization applications.
Insolvency Professionals:
* Impact: Provides a mechanism for deemed approval of authorization if the agency doesn't act within 30 days (for applications received between March 28, 2020 and September 30, 2020); also provides a route for appeal to the Membership Committee if their application is rejected.
* Action Required: Note the conditions for deemed approval and the appeal process for rejected applications.
Key Entities Referenced
Insolvency and Bankruptcy Board of India: A regulatory body in India that oversees insolvency proceedings and regulates insolvency professionals.
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.
Insolvency and Bankruptcy Board of India Model ByeLaws and Governing Board of Insolvency Professional Agencies Regulations, 2016: Regulations established by the Insolvency and Bankruptcy Board of India regarding the Model ByeLaws and Governing Board of Insolvency Professional Agencies.
Insolvency and Bankruptcy Board of India Model ByeLaws and Governing Board of Insolvency Professional Agencies Amendment Regulations, 2020: Amendments to the Insolvency and Bankruptcy Board of India Model ByeLaws and Governing Board of Insolvency Professional Agencies Regulations, 2016.
New Delhi: The location where the notification was issued. New Delhi, NCT of Delhi
M. S. Sahoo: Chairperson of the Insolvency and Bankruptcy Board of India.
Membership Committee: Committee to which an applicant aggrieved by rejection of authorisation for assignment may appeal.
Government of India Press, Ring Road, Mayapuri, New Delhi110064: Printing press responsible for uploading the document.
रजिस्ट्री स.ं डी.एल.-33004/99 REGD. NO. D. L.-33004/99
सी.जी.-डी.एल.-अ.-24042020-219125
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CG-DL-E-240420 20-219125
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 155] नई दिल्ली, िुक्रवार, अप्रलै 24, 2020/विै ाख 4, 1942
No. 155] NEW DELHI, FRIDAY, APRIL 24, 2020/VAISAKHA 4, 1942
भारतीय दिवाला और िोधन अक्षमता बोड ड
अजधसचू ना
नई दिल् ली, 20 अप्रैल, 2020
भारतीय दिवाला और िोधन अक्षमता बोडड (आिि डउप-जवजधया ं और दिवाला व्यावसाजयक एिजें सयों का िासी बोडड)
(सिं ोधन) जवजनयम, 2020
स.ं आई.बी.बी.आई./2020-2021/िी.एन./आर.ई.िी.058.—भारतीय दिवाला और िोधन अक्षमता बोड,ड
दिवाला और िोधन अक्षमता संजिता, 2016 (2016 का 31) की धारा 240 के साथ पठित धारा 196, धारा 203
और धारा 205 द्वारा प्रित्त िजियों का प्रयोग करते हुए, भारतीय दिवाला और िोधन अक्षमता बोड ड (आििड उप-
जवजधयां और दिवाला व्यावसाजयक एिेंजसयों का िासी बोड)ड जवजनयम, 2016 का और संिोधन करन े के जलए
जनम्नजलजखत जवजनयम बनाता ि,ै अथाडत:् -
1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय दिवाला और िोधन अक्षमता बोड ड (आिि ड उप-जवजधयां और
दिवाला व्यावसाजयक एिेंजसयों का िासी बोडड) (संिोधन) जवजनयम, 2020 ि।ै
(2) ये 28 माच,ड 2020 को प्रवत्तृ हुए समझे िाएंग े ।
2. भारतीय दिवाला और िोधन अक्षमता बोडड (आििड उप-जवजधयां और दिवाला व्यावसाजयक एिेंजसयों का िासी
बोडड) जवजनयम, 2016 की अनसु ूची के खंड 12क म,ें-
1828 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(i) उपखंड (5) म ें जनम्नजलजखत अतं ःस्ट्थाजपत दकया िाएगा, अथाडत:्-
“परन्तु यदि भारतीय दिवाला और िोधन अक्षमता बोडड (आििड उप-जवजधयां और दिवाला व्यावसाजयक
एिेंजसयों का िासी बोडड) (संिोधन) जवजनयम, 2020 के प्रारंभ िोन े की तारीख स े 30 जसतम्बर, 2020 तक प्राप्त
दकसी आवेिन के जलए एिेंसी द्वारा जनयतकाय ड के जलए प्राजधकार, आवेिन की प्राजप्त की तारीख से तीस दिन के भीतर
िारी, नवीकृत या नामंिूर निीं दकया िाता ि ै तो एिेंसी द्वारा प्राजधकार, यथाजस्ट्थजत, िारी या नवीकृत दकया गया
समझा िाएगा ।”;
(ii) उपखंड (7) म ें जनम्नजलजखत अंतःस्ट्थाजपत दकया िाएगा, अथाडत:्-
“परन्तु ििां दकसी दिवाला व्यावसाजयक एिेंसी द्वारा जनयतकाय ड के जलए प्राजधकार िारी करने संबंधी कोई
आवेिन भारतीय दिवाला और िोधन अक्षमता बोड ड (आिि ड उप-जवजधयां और दिवाला व्यावसाजयक एिेंजसयों का
िासी बोडड) (संिोधन) जवजनयम, 2020 के प्रारंभ िोन े की तारीख स े 30 जसतम्बर, 2020 तक नामंिूर दकया गया ि ै
विा ं नामंिूर दकए िान े वाल े आिेि स े व्यजथत आवेिक आििे की प्राजप्त की तारीख स े तीस दिन के भीतर सिस्ट्यता
सजमजत को अपील कर सकेगा ।” ।
डॉ. एम. एस. साहू, अध् यक्ष
[जवज्ञापन-III/4/असा. /11/2020-21]
ठिप्पण: भारतीय दिवाला और िोधन अक्षमता बोडड (आििड उप-जवजधयां और दिवाला व्यावसाजयक एिेंजसयों का
िासी बोडड) जवजनयम, 2016, भारत के रािपत्र, असाधारण, भाग III, खंड 4, सं. 421, तारीख 22
नवम्बर, 2016 म ें अजधसूचना स.ं आई.बी.बी.आई./2016-17/िी.एन./आर.ई.िी.001, तारीख 21
नवम्बर, 2016 द्वारा प्रकाजित दकए गए थ ेऔर तत्पश्चात ् उनम ें-
(1) भारत के रािपत्र, असाधारण, भाग 3, खंड 4, स.ं 383, तारीख 11 अिूबर, 2018 म ें अजधसूचना स.ं
आई.बी.बी.आई./2018-19/िी.एन./आर.ई.िी.35, द्वारा प्रकाजित भारतीय दिवाला और िोधन अक्षमता बोड ड
(आििड उप-जवजधयां और दिवाला व्यावसाजयक एिेंजसयों का िासी बोडड) (संिोधन) जवजनयम, 2018 तारीख 11
अिूबर, 2018; और
(2) भारत के रािपत्र, असाधारण, भाग 3, खंड 4, स.ं 261, तारीख 23 िुलाई, 2019 म ें अजधसूचना स.ं
आई.बी.बी.आई./2019-20/िी.एन./आर.ई.िी.043, द्वारा प्रकाजित भारतीय दिवाला और िोधन अक्षमता बोड ड
(आििड उप-जवजधयां और दिवाला व्यावसाजयक एिेंजसयों का िासी बोडड) (संिोधन) जवजनयम, 2019 तारीख 23
िुलाई, 2019,
द्वारा उनम ेंसंिोधन दकए गए ।
स्ट्पष्टीकारक ज्ञापन
भारतीय दिवाला और िोधन अक्षमता बोडड के िासी बोडड ने तारीख 28 माच,ड 2020 को भारतीय दिवाला
और िोधन अक्षमता बोडड (आििड उप-जवजधयां और दिवाला व्यावसाजयक एिेंजसयों का िासी बोडड) जवजनयम, 2016
म ें संिोधन करन े का जवजनश्चय दकया । केन्रीय सरकार द्वारा कोजवड-19 के प्रकोप के पठरणामस्ट्वरूप 25 माच,ड
2020 स े घोजित राष्ट्रव्यापी लॉक-डाउन के कारण जवजनयमों म ें संिोधन करन े वाली अजधसूचना भारत के रािपत्र म ें
प्रकाजित निीं की िा सकी । अतः संिोधनकारी जवजनयमों को 28 माच,ड 2020 स े प्रभावी करने की िजृ ष्ट स े इस
ठिप्पण के साथ बोड ड की वैबसाइि पर प्रकाजित दकया गया था दक उन्ि ें भारत के रािपत्र म ें तब प्रकाजित दकया
िाएगा िैसे िी भारत सरकार का मुरणालय इस े प्रकािनाथ ड स्ट्वीकार करता ि ै । िासी बोडड का आिय संिोजधत
जवजनयमों को 28 माच,ड 2020 स े प्रवृत्त करना था ।[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
यि प्रमाजणत दकया िाता ि ै दक चदूं क संिोजधत जवजनयम दिवाला व्यावसाजयकों को उस रूप म ें व्यवसाय
करने के जलए जनयत काय ड िते ु प्राजधकार प्राप्त करने म ें सुकर बनाते ि ैं इसजलए इन्ि ें भूतलक्षी प्रभाव िेने स े दकसी भी
व्यजि पर प्रजतकूल प्रभाव निीं डाला िा रिा ि ै।
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 20th April, 2020
Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency
Professional Agencies) (Amendment) Regulations, 2020.
No. IBBI/2020-2021/GN/REG058.—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, 2020.
(2) They shall be deemed to have come into force with effect from the 28th March, 2020.
2. In the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency
Professional Agencies) Regulations, 2016, in the Schedule, in clause 12A, -
(i) in sub-clause (5), the following shall be inserted, namely: -
“Provided that, for an application received on and from the date of commencement of the
Insolvency and Bankruptcy Board of India (Model Bye- Laws and Governing Board of Insolvency
Professional Agencies) (Amendment) Regulations, 2020 and ending on the 30th September 2020, 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.”;
(ii) in sub-clause (7), the following shall be inserted, namely: -
“Provided that, where an application for issue of authorisation for assignment has been rejected by an
insolvency professional agency, on and from the date of commencement of the Insolvency and Bankruptcy
Board of India (Model Bye- Laws and Governing Board of Insolvency Professional Agencies) (Amendment)
Regulations, 2020 and ending on the 30th September, 2020, the applicant aggrieved of an order of rejection may
appeal to the Membership Committee within thirty days from the date of receipt of order.”.
Dr. M. S. SAHOO, Chairperson
[ADVT.-III/4/Exty./11/2020-21]
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-
(1) The Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency
Professional Agencies) (Amendment) Regulations, 2018 dated the 11th October, 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; and
(2) The Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency
Professional Agencies) (Amendment) Regulations, 2019 dated the 23rd July, 2019 published vide notification
No. IBBI/2019-20/GN/REG043 in the Gazette of India, Extraordinary, Part III, Section 4, No. 261 on 23rd July
2019.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
Explanatory Memorandum
The Governing Board of the Insolvency and Bankruptcy Board of India decided on 28th March, 2020 to
amend the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency
Professional Agencies) Regulations, 2016. The notification amending the regulations could not be published in
the Gazette of India, due to the nationwide lockdown declared by the Central Government w.e.f. 25th March,
2020, in the wake of the outbreak of Covid-19. The amendment regulations were, therefore, published on the
website of the Board for it to be effective from the 28th of March, 2020, with a note that the same shall be
published in the Gazette of India as soon as the Government Press accepts the notification for publication. The
intention of the Governing Board was to bring into force the amended regulations with effect from the 28th
March, 2020.
It is certified that, since the amendment regulations facilitate insolvency professionals to obtain
authorisation for assignment to practice as such, no person is being adversely affected by giving retrospective
effect.
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.