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Date: 29-Jan-2025 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by sections 196, 204, 205 read with section 240 of the Insolvency and Bankruptcy Code,

Issued by Insolvency and Bankruptcy Board of India · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification pertains to the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2025. It amends the 2016 regulations concerning model bye-laws and the governing board of insolvency professional agencies.

Key Changes

  • The notification amends the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016.
  • Specifically, in Schedule VI, clause 12A, the amendment replaces 'forty-five' with 'ninety' in the proviso to sub-clause (3).
  • Further, it replaces 'fifteen' with 'ninety' in sub-clause (5).

Impact Analysis

Impact on Insolvency Professional Agencies (IPAs)

  • IPAs should communicate these changes to their members and relevant stakeholders.

Impact on Insolvency Professionals (IPs)

  • IPs should seek clarification from their respective IPAs regarding the specific implications of these amendments on their professional activities.

Suggested Action Items

  • Monitor the implementation of the amended regulations and address any issues that may arise.

Key Entities Referenced

Insolvency and Bankruptcy Board of India (IBBI): The regulatory body responsible for implementing and enforcing the Insolvency and Bankruptcy Code, 2016. Insolvency Professional Agencies (IPAs): Organizations recognized by the IBBI to regulate and oversee Insolvency Professionals. Insolvency Professionals (IPs): Professionals registered with IPAs who are authorized to handle insolvency resolution and liquidation processes. Insolvency and Bankruptcy Code, 2016: The primary legislation governing insolvency and bankruptcy proceedings in India. Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016: The original regulations that are being amended by this notification.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-29012025-260595 xxxGIDHxxx CG-DL-E-29012025-260595 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 78] नई दिल्ली, बुधवार, िनवरी 29, 2025/माघ 9, 1946 No. 78] NEW DELHI, WEDNESDAY, JANUARY 29, 2025/MAGHA 9, 1946 भारतीय दिवाला और िोधन अक्षमता बोड ड अजधसचू ना नई दिल्ली, 28 िनवरी, 2025 भारतीय दिवाला और िोधन अक्षमता बोडड (आिि ड उप-जवजधया ं और दिवाला व्यावसाजयक एिजें सयों का िासी बोडड) (सिं ोधन) जवजनयम, 2025 फा. स.ं आई.बी.बी.आई./2024-25/िी.एन./आर.ई.िी.117.—भारतीय दिवाला और िोधन अक्षमता बोडड, दिवाला और िोधन अक्षमता सजं िता, 2016 (2016 का 31) की धारा 240 के साथ पठित धारा 196, 204 और धारा 205 द्वारा प्रित्त िजियों का प्रयोग करते हुए, भारतीय दिवाला और िोधन अक्षमता बोडड (आििड उप-जवजधयां और दिवाला व्यावसाजयक एिेंजसयों का िासी बोडड) जवजनयमन, 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 (आििड उप-जवजधयां और दिवाला व्यावसाजयक एिेंजसयों का िासी बोडड) (संिोधन) जवजनयम, 2025 ि।ै (2) य ेरािपत्र में उनके प्रकािन की तारीख को प्रवृत्त िोंग े । 2. भारतीय दिवाला और िोधन अक्षमता बोडड (आििड उप-जवजधयां और दिवाला व्यावसाजयक एिेंजसयों का िासी बोडड) जवजनयम, 2016 की अनुसूची के पैरा VI के खंड 12क में, - 741 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (i) उप-खंड (3) के परन्तुक में “पैंतालीस” िब्ि के स्ट्थान पर “नब्बे” िब्ि रखा िाएगा। (ii) उप-खडं (5) में “पन्रि” िब्ि के स्ट्थान पर “नब्ब”े िब्ि रखा िाएगा । रजव जमत्तल, अध्यक्ष [जवज्ञापन-III/4/असा./935/2024-25] ठिप्पण: भारतीय दिवाला और िोधन अक्षमता बोडड (आिि ड उप-जवजधयां और दिवाला व्यावसाजयक एिेंजसयों का िासी बोडड) जवजनयम, 2016, भारत के रािपत्र, असाधारण, भाग 3, खंड 4, स.ं 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 उनम ेंअंजतम सिं ोधन भारत के रािपत्र, असाधारण, भाग III, खंड 4, स.ं 75, तारीख 31 िनवरी, 2024 म ें अजधसूचना स.ं आई.बी.बी.आई./2023-24/िी.एन./आर.ई.िी.111, तारीख 31 िनवरी, 2024 द्वारा प्रकाजित भारतीय दिवाला और िोधन अक्षमता बोडड (आििड उप-जवजधयां और दिवाला व्यावसाजयक एिेंजसयों का िासी बोडड) (संिोधन) जवजनयम, 2024 द्वारा दकया गया था । INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 28th January, 2025 Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2025. F. No. IBBI/2024-25/GN/REG117.—In exercise of the powers conferred by sections 196, 204, 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, 2025. (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, in the Schedule, in para VI, in clause 12A - (i) in the proviso to sub-clause (3), for the words “forty-five”, the word “ninety” shall be substituted. (ii) in sub-clause (5), for the word “fifteen”, the word “ninety” shall be substituted. RAVI MITAL, Chairperson [ADVT.-III/4/Exty./935/2024-25] 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 last amended by the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2024 published vide notification No. IBBI/2023-24/GN/REG111 dated 31st January 2024, in the Gazette of India, Extraordinary, Part III, Section 4, No. 75 on 31st January 2024. 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.

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