## Report on the Insolvency and Bankruptcy Board of India Insolvency Professionals Second Amendment Regulations, 2021
**1. Executive Summary:**
This report analyzes the Insolvency and Bankruptcy Board of India (IBBI) Insolvency Professionals Second Amendment Regulations, 2021, as published in the Gazette of India on July 22, 2021. This amendment modifies the Insolvency and Bankruptcy Board of India Insolvency Professionals Regulations, 2016. The core purpose of the amendment is to revise eligibility criteria for insolvency professionals, address the functioning of insolvency professional entities and place limitations on assignments of resolution professionals. Key changes relate to experience requirements for registration as an insolvency professional and adjustments to regulations governing insolvency professional entities (IPEs). The report outlines these changes, their potential impact, and relevant implementation aspects based solely on the provided text.
**2. Introduction:**
This report aims to provide an informative overview of the Insolvency and Bankruptcy Board of India Insolvency Professionals Second Amendment Regulations, 2021, based on the official gazette notification. The analysis focuses on the specific changes introduced by the amendment and their potential implications for affected stakeholders.
**3. Policy Overview:**
* **Original Policy:** Insolvency and Bankruptcy Board of India Insolvency Professionals Regulations, 2016
* **Core Objective(s):** Based on the amendment's text, the objective is to refine and clarify the regulatory framework for insolvency professionals and insolvency professional entities operating under the Insolvency and Bankruptcy Code, 2016. This includes modifying eligibility criteria, regulating IPEs, and placing limitations on assignments of resolution professionals.
**4. Background and Rationale:**
The amendment appears to address the need to refine the eligibility criteria for individuals seeking to become insolvency professionals, possibly to broaden the pool of eligible candidates while maintaining quality. The changes related to insolvency professional entities suggest an intent to strengthen the governance and financial stability of these entities. Furthermore, changes restricting the number of assignments for resolution professionals show a focus on distributing assignments and preventing an accumulation of a large number of assignments with single resolution professionals.
**5. Key Provisions / Changes:**
The Insolvency and Bankruptcy Board of India Insolvency Professionals Second Amendment Regulations, 2021 introduces the following key changes:
* **Regulation 5 (Eligibility Criteria):**
* **Change:** Subclause (iii) of clause (c)(i) is substituted. The amendment modifies the experience requirements for eligibility as an insolvency professional. The new regulation introduces varied experience requirements depending on the candidate's educational background:
* Ten years of experience in the field of law after receiving a Bachelor's degree in law.
* Ten years of experience in management after receiving a Master's degree in Management or a two-year full-time Post Graduate Diploma in Management.
* Fifteen years of experience in management after receiving a Bachelor's degree from a university established or recognized by law or an institute approved by the All India Council of Technical Education.
* **Effect:** Provides alternative pathways to meet the experience requirements for becoming an insolvency professional, catering to professionals with backgrounds in law or management, and introducing new explanations and illustrations to provide clarity.
* **Change:** After subclause (iv), two explanations are inserted.
* **Effect:** Provides clarification on what constitutes experience and how it is to be computed.
* **Regulation 9:** Regulation 9 of the principal regulations is omitted. The principal regulations are not provided, so it is unclear what the implications are.
* **Regulation 12 (Insolvency Professional Entities - IPEs):**
* **Change:** In subregulation 1, clause (c), the words "its shares" are substituted with "its equity shares."
* **Effect:** Clarifies that the regulation pertains specifically to equity shares rather than all types of shares.
* **Change:** The existing proviso is substituted with a new proviso.
* **Effect:** The new proviso mandates that insolvency professional entities recognized before the commencement of this amendment must comply with clauses (b) and (c) of the subregulation by December 31, 2021. This sets a deadline for existing entities to meet the updated requirements. An explanation is added to define net worth.
* **Change:** After subregulation 2, subregulations 3, 4 are inserted regarding the application procedure.
* **Effect:** Introduces a structured process for acknowledging and examining applications, including timelines and requirements for additional information or personal appearances.
* **Regulation 13:**
* **Change:** Subregulation 1 is substituted.
* **Effect:** Specifies timelines for granting or rejecting certificates of recognition to IPEs. It requires the Board to grant or reject the application within a defined timeframe and provides an opportunity for the applicant to submit an explanation if the Board has a prima facie opinion against granting recognition.
* **Change:** In subregulation 2, the word "seven" is replaced with "thirty" in clauses (b) and (c).
* **Effect:** Extends the timeframe for certain actions related to IPE recognition, likely providing more time for compliance or response.
* **First Schedule:**
* **Change:** A clarification is inserted after clause 22.
* **Effect:** Limits the number of assignments an insolvency professional can handle concurrently. An insolvency professional can have no more than ten assignments as a resolution professional in corporate insolvency resolution processes, with a further restriction that no more than three of these assignments can have admitted claims exceeding INR 1,000 crore each.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders include:
* Individuals seeking to register as insolvency professionals.
* Existing insolvency professionals.
* Insolvency professional entities (IPEs).
* The Insolvency and Bankruptcy Board of India (IBBI).
* Corporate debtors undergoing insolvency resolution processes.
**7. Implementation Aspects (Inferred):**
* **Responsible agency/bodies:** The Insolvency and Bankruptcy Board of India (IBBI) is responsible for implementing and overseeing these regulations.
* **Timelines:** The amendment specifies timelines for IPEs to comply with certain provisions (December 31, 2021) and for the IBBI to process IPE recognition applications.
* **Procedures:** A procedure for IPE application processing is outlined, including acknowledgement, examination, and potential requests for additional information or clarification.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these changes are:
* A broader pool of eligible insolvency professionals due to revised experience criteria.
* Enhanced governance and financial stability of insolvency professional entities.
* More equitable distribution of insolvency assignments among professionals.
* Improved clarity and efficiency in the IPE recognition process.
**9. Conclusion:**
The Insolvency and Bankruptcy Board of India Insolvency Professionals Second Amendment Regulations, 2021 represent a significant update to the regulatory framework governing insolvency professionals and insolvency professional entities. The changes address key aspects of eligibility, governance, and assignment distribution, with the aim of improving the overall efficiency and effectiveness of the insolvency resolution process in India. The amendment necessitates careful review and compliance by all affected stakeholders, especially existing and aspiring insolvency professionals and IPEs.
Key Entities Referenced
Insolvency and Bankruptcy Board of India: An organization that is mentioned in the context of issuing regulations and notifications related to insolvency and bankruptcy.
Insolvency and Bankruptcy Code, 2016: A legal code referenced as the basis for the powers exercised by the Insolvency and Bankruptcy Board of India.
Insolvency Professionals Second Amendment Regulations, 2021: Regulations being introduced as an amendment to existing regulations concerning insolvency professionals.
Insolvency Professionals Regulations, 2016: The existing regulations that are being amended by the current notification.
All India Council of Technical Education: An institute that is relevant to the recognition of degrees for experience qualifications of insolvency professionals.
Companies Act, 2013: Act which defines the net worth of the company
Dr. M. S. SAHOO: Chairperson of Insolvency and Bankruptcy Board of India.
New Delhi: Location of publishing the notification.
Insolvency Professionals Amendment Regulations, 2021: Regulations published on April 27, 2021 which amended Insolvency Professionals Regulations, 2016
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-22072021-228421
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ऄसाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 294] नइ ददल्ली, बृहस्ट्प जतवार, जुलाइ 22, 2021/अषाढ़ 31, 1943
No. 294] NEW DELHI, THURSDAY, JULY 22, 2021/ASHADHA 31, 1943
भारतीय ददवाला और िोधन ऄक्षमता बोड ड
ऄजधसचू ना
नइ ददल्ली, 22 जुलाइ, 2021
भारतीय ददवाला और िोधन ऄक्षमता बोडड (ददवाला व्यावसाजयक) (दसू रा सिं ोधन)
जवजनयम, 2021
स.ं अइ.बी.बी.अइ./2021-22/जी.एन./अर.इ.जी.077 - भारतीय ददवाला और िोधन ऄक्षमता बोडड, ददवाला
और िोधन ऄक्षमता संजहता, 2016 (2016 का 31) की धारा 240 के साथ पठित धारा 196, धारा 207 और धारा 208
द्वारा प्रदत्त िजियों का प्रयोग करते हुए, भारतीय ददवाला और िोधन ऄक्षमता बोडड (ददवाला व्यावसाजयक) जवजनयमन,
2016 का और संिोधन करने के जलए जनम्नजलजखत जवजनयम बनाता ह,ै ऄथाडत:् -
1. (1) आन जवजनयमों का संजक्षप्त नाम भारतीय ददवाला और िोधन ऄक्षमता बोडड (ददवाला व्यावसाजयक) (दसू रा
संिोधन) जवजनयम, 2021 ह ै।
(2) य ेराजपत्र में प्रकािन की तारीख को प्रवृत्त होंग े ।
2. भारतीय ददवाला और िोधन ऄक्षमता बोड ड (ददवाला व्यावसाजयक) जवजनयमन, 2016 (जजन्ह ें आसम ें आसके पश्चात ्
मूल जवजनयम कहा गया ह)ै के जवजनयम 5 के खडं (ग) में–
(i) ईपखडं (iii) के स्ट्थान पर जनम्नजलजखत ईपखंड रखा जाएगा, ऄथाडत्:-
“(iii) जवजध द्वारा स्ट्थाजपत या मान्यताप्राप्त दकसी जवश्वजवद्यालय या ऄजखल भारतीय तकनीकी जिक्षा पठरषद ्
द्वारा दकसी ऄनुमोददत संस्ट्थान से-
4001 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(क) जवजध म ेंबैचलर जडग्री प्राप्त करन े के पश्चात् जवजध के क्षेत्र म ेंदस वषड का ऄनुभव,
(ख) प्रबंधन में मास्ट्टर जडग्री या प्रबंधन में दो-वषीय पूणडकाजलक स्नातकोत्तर जडप्लोमा प्राप्त करन े के
पश्चात् प्रबंधन म ेंदस वष ड का ऄनुभव, या
(ग) बैचलर जडग्री प्राप्त करने के पश्चात्, प्रबंधन में पन्रह वषड का ऄनुभव; या”
(ii) ईपखंड (iv) के पश्चात्, जनम्नजलजखत ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत्:-
“स्ट्पष्टीकरण 1 – आस जवजनयम के प्रयोजनों के जलए, केवल वृजत्तक और प्रबंधकीय ऄनुभव पर जवचार
दकया जाएगा ।
स्ट्पष्टीकरण 2 – (क) ईपखंड (iii) के ऄधीन दस या पन्रह वषड के कुल ऄनुभव की गणना करन े के
प्रयोजनाथड, ईपखंड (iv) के ऄधीन दकसी ऄवजध के ऄनुभव को िाजमल दकया जाएगा;
(ख) ईपखडं (iv) के ऄधीन दस वषड के कुल ऄनुभव की गणना करने के प्रयोजनाथड ईस ईपखडं की दकसी
भी मद के ऄधीन दकसी ऄवजध के ऄनुभव को िाजमल दकया जाएगा ।
दष्टृ ातं 1
जहां दकसी व्यजष्ट के पास ईपखंड (iii) के ऄधीन नौ वष ड का ऄनुभव और ईपखंड (iv) के ऄधीन छह वष ड
का ऄनुभव ह ै वहां ईसके बारे में यह समझा जाएगा दक ईसके पास ईपखंड (iii) के प्रयोजनों के जलए
पन्रह वष ड का ऄनुभव ह ै।
दष्टृ ातं 2
जहां दकसी व्यजष्ट के पास ईपखंड (iv) की मद (क) के ऄधीन छह वष ड का ऄनुभव और ईपखंड (iv) की
मद (घ) के ऄधीन चार वषड का ऄनुभव ह ै वहां ईसके बारे म ें यह समझा जाएगा दक ईसके पास ईपखंड
(iv) के प्रयोजनों के जलए दस वषड का कुल ऄनुभव ह ै।
(3) मलू जवजनयमों म,ें जवजनयम 9 का लोप दकया जाएगा ।
(4) मलू जवजनयमों के जवजनयम 12 म,ें-
(i) ईप-जवजनयम (1) म,ें-
(क) खंड (ग) में, “ईसके ऄजधकांि िेयर” िब्दों के स्ट्थान पर “ईसके ऄजधकांि आदिटी िेयर” िब्द रखे जाएंग े ।
(ख) परन्तुक के स्ट्थान पर, जनम्नजलजखत रखा जाएगा, ऄथाडत्:-
“परन्तु भारतीय ददवाला और िोधन ऄक्षमता बोडड (ददवाला व्यावसाजयक) (दसू रा संिोधन) जवजनयम, 2021
के प्रारंभ होन े की तारीख से पवू ड मान्यताप्राप्त ददवाला व्यावसाजयक संस्ट्थाए,ं 31 ददसम्बर, 2021 को या आसस े
पूवड खंड (ख) और खडं (ग) के ईपबंधों का ऄनपु ालन करेंगी ।
स्ट्पष्टीकरण – आस ईप-जवजनयम के खंड (ख) के प्रयोजनों के जलए ‘िुद्ध मल्ू य’ से ऄजभप्रते ह ै–
(i) दकसी कंपनी की दिा म,ें कंपनी ऄजधजनयम, 2013 की धारा 2(57) के ऄधीन यथा-पठरभाजषत िद्धु
मूल्य;
(ii) दकसी रजजस्ट्रीकृत भागीदारी फम ड या सीजमत दाजयत्व भागीदारी की दिा में, पूंजीगत खात े म ें
भागीदारों के ऄिं दान और संजचत हाजन, यदद कोइ ह,ै को घटाकर ईनके ऄजवतठरत लाभों का योग ।”;
(ii) ईप-जवजनयम (2) के पश्चात्, जनम्नजलजखत ईप-जवजनयम ऄंतःस्ट्थाजपत दकए जाएगं े, ऄथातड ्:-
“(3) बोड,ड आस जवजनयम के ऄधीन दकए गए अवेदन को ईसकी प्राजप्त के सात ददन के भीतर ऄजभस्ट्वीकार
करेगा ।
(4) बोडड, अवेदन की परीक्षा करने के पश्चात्,-
(i) अवेदक से युजिसगं त समय के भीतर ऐसे ऄजतठरि दस्ट्तावेज़, जानकारी या स्ट्पष्टीकरण प्रस्ट्तुत करन े की
ऄपेक्षा कर सकेगा;[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 3
(ii) अवेदक का जनरीक्षण या जांच कर सकेगा;
(iii) अवेदक के दकसी जनदेिक या भागीदार से दकन्हीं स्ट्पष्टीकरणों के जलए युजिसगं त समय के भीतर ईसके
समक्ष व्यजिगत रूप स ेईपजस्ट्थत होने की ऄपेक्षा कर सकेगा,
जैसा अवेदन पर जवचार करन े के प्रयोजन के जलए अवश्यक हो ।”
5. मलू जवजनयमों के जवजनयम 13 में,-
(i) ईप-जवजनयम (1) के स्ट्थान पर जनम्नजलजखत ईप-जवजनयम रखा जाएगा, ऄथाडत:् -
“(1) (क) जहां जवजनयम 12 के ईप-जवजनयम (4) के ऄधीन अवेदन पर जवचार करने के पश्चात् बोडड,-
(i) का यह समाधान हो जाता ह ै दक अवेदक आन जवजनयमों के ऄधीन पात्र ह ै वहां वह अवेदन प्राप्त होन े
के साि ददन के भीतर, अवेदक द्वारा जवजनयम 12 के ईप-जवजनयम (4) के ऄधीन, यथाजस्ट्थजत, ऄजतठरि
दस्ट्तावेज़, जानकारी या स्ट्पष्टीकरण प्रस्ट्ततु करन े या व्यजिगत रूप स े ईपजस्ट्थत होने म ें जलए गए समय को
छोड़कर, ददवाला व्यावसाजयक संस्ट्था के रूप म ेंमान्यता प्रमाणपत्र प्रदान कर सकेगा;
(ii) की प्रथमदष्टृ या राय यह ह ै दक मान्यता प्रदान नहीं की जानी चाजहए वहां वह ऐसी राय
ईसके कारणों सजहत संसूजचत करेगा और ऄंजतम राय बनाने में स्ट्वयं को समथड बनान े के जलए अवेदक को, बोडड
से संसूचना प्राप्त होने के पन्रह ददन के भीतर ऄपना स्ट्पष्टीकरण प्रस्ट्तुत करन े का ऄवसर दगे ा ।
(ख) बोडड, अवेदक द्वारा खडं (क) के ऄधीन प्रस्ट्तुत दकया गया स्ट्पष्टीकरण, यदद कोइ ह,ै प्राप्त
करने के तीस ददन के भीतर –
(i) ददवाला व्यावसाजयक संस्ट्था के रूप म ेंमान्यता प्रमाणपत्र प्रदान करेगा; या
(ii) अवेदन को, अदेि द्वारा, ईसके जलए कारण ऄजभजलजखत करते हुए, नामंजूर करेगा ।
(ग) बोड,ड खडं (क) या खंड (ख) के ऄधीन ददवाला व्यावसाजयक संस्ट्था के रूप म ें मान्यता
प्रमाणपत्र, दसू री ऄनुसूची के प्ररूप घ म ेंप्रदान करेगा ।”;
(ii) ईप-जवजनयम (2) के खडं (ख) और खडं (ग) में, “सात” िब्द के स्ट्थान पर क्रमिः “तीस” िब्द रखा जाएगा ।
6. मूल जवजनयमों की पहली ऄनसु ूची में, खडं 22 के पश्चात्, जनम्नजलजखत स्ट्पष्टीकरण ऄंतःस्ट्थाजपत दकया जाएगा,
ऄथाडत:् -
“स्ट्पष्टीकरण: दकसी ददवाला व्यावसाजयक के पास, कारपोरेट समाधान प्रदक्रया म ें समाधान व्यावसाजयक के रूप म ें
दकसी भी समय दस जनयतकायों (ऄसाआनमेंट) स े ऄजधक नहीं हो सकेंगे, जजनमें स े तीन से ऄनजधक जनयतकायों में,
प्रत्येक में एक हज़ार करोड़ रुपए से ऄजधक के स्ट्वीकृत दावे होंगे ।
डॉ. एम. एस. साहू , ऄध्यक्ष
[जवज्ञापन-III/4/ऄसा./158/2021-22]
ठटप्पण : भारतीय ददवाला और िोधन ऄक्षमता बोडड (ददवाला व्यावसाजयक) जवजनयमन, 2016, भारत के राजपत्र,
ऄसाधारण, भाग III, खंड 4, सं. 424, तारीख 23 नवम्बर, 2016 म ें ऄजधसूचना सं. अइ.बी.बी.अइ./2016-
17/जी.एन./अर.इ.जी.003, तारीख 23 नवम्बर, 2016 द्वारा प्रकाजित दकए गए थे और ईनमें ऄंजतम संिोधन
भारत के राजपत्र, ऄसाधारण, भाग III, खडं 4, स.ं 185, तारीख 27 ऄप्रलै , 2021 में ऄजधसूचना
सं. अइ.बी.बी.अइ./2021-22/जी.एन./अर.इ.जी.073, तारीख 27 ऄप्रलै , 2021 द्वारा प्रकाजित भारतीय
ददवाला और िोधन ऄक्षमता बोडड (ददवाला व्यावसाजयक) (संिोधन) जवजनयम, 2021 द्वारा दकए गए ।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 22nd July, 2021
Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment)
Regulations, 2021
No. IBBI/2021-22/GN/REG077.- In exercise of the powers conferred by sections 196, 207 and
208 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 (Insolvency Professionals) Regulations, 2016, namely: -
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) (Second Amendment) Regulations, 2021.
(2) They shall come into force on the date of publication in the Official Gazette.
2. In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016
(hereinafter referred to as „the principal regulations‟), in regulation 5, in clause (c),-
(i) for sub-clause (iii), the following sub-clause shall be substituted, namely: -
“(iii) experience of -
(a) ten years in the field of law, after receiving a Bachelor‟s degree in law;
(b) ten years in management, after receiving a Master‟s degree in Management or two-
year full time Post Graduate Diploma in Management; or
(c) fifteen years in management, after receiving a Bachelor‟s degree,
from a university established or recognised by law or an Institute approved by All India
Council of Technical Education; or”
(ii) after sub-clause (iv), the following shall be inserted, namely: -
“Explanation 1.- For the purposes of this regulation, only professional and managerial
experience shall be considered.
Explanation 2.- For the purpose of computing,-
(a) the total experience of 10 or 15 years under sub-clause (iii), there shall be included
experience of any period under sub-clause (iv);
(b) the total experience of 10 years under sub-clause (iv), there shall be included
experience of any period under any of the items of that sub-clause.
Illustration 1
Where an individual has experience of nine years under sub-clause (iii) and experience of
six years under sub-clause (iv), he shall be considered having experience of fifteen years
for the purposes of sub-clause (iii).
Illustration 2
Where an individual has experience of 6 years under item (a) of sub-clause (iv) and
experience of four years under item (d) of sub-clause (iv), he shall be considered as having
total experience of 10 years for the purposes of sub-clause (iv).
3. In the principal regulations, regulation 9 shall be omitted.
4. In the principal regulations, in regulation 12,-
(i) in sub-regulation (1),-[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 5
(a) in clause (c), for the words „its shares‟, the words „its equity shares‟ shall be substituted.
(b) for the proviso, the following shall be substituted, namely:-
“Provided that the insolvency professional entities recognised before the date of
commencement of the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) (Second Amendment) Regulations, 2021 shall comply with the provisions of
clauses (b) and (c) on or before 31st December 2021.
Explanation.- For the purposes of clause (b) of this sub-regulation, „net worth‟ means-
(i) the net worth as defined under section 2(57) of the Companies Act, 2013 in case
of a company;
(ii) sum of partners‟ contribution in the capital account and their undistributed
profits net of accumulated losses, if any, in case of a registered partnership firm or
limited liability partnership.”;
(ii) after sub-regulation (2), the following sub-regulations shall be inserted, namely: —
“(3) The Board shall acknowledge an application made under this regulation within seven
days of its receipt.
(4) The Board may, after examination of the application,-
(i) require the applicant to submit, within reasonable time, additional documents,
information or clarification;
(ii) inspect or inquire the applicant;
(iii) require any of the directors or partners of the applicant to appear, within a
reasonable time, before it in person for any clarifications,
as may be necessary for the purpose of considering the application.”
5. In the principal regulations, in regulation 13, -
(i) for sub-regulation (1), the following sub-regulation shall be substituted, namely: -
“(1) (a) Where the Board, after consideration of the application under sub-regulation (4) of
regulation 12,-
(i) is satisfied that the applicant is eligible under these Regulations, it may grant a
certificate of recognition as an insolvency professional entity within sixty days of receipt
of the application, excluding the time taken by the applicant for submitting additional
documents, information or clarification, or appearing in person, as the case may be, under
sub-regulation (4) of regulation 12;
(ii) is of the prima facie opinion that the recognition ought not be granted, it shall
communicate such opinion along with reasons thereof and provide the applicant an
opportunity to submit its explanation within fifteen days of the receipt of the
communication from the Board, to enable it to form a final opinion.
(b) The Board shall, within thirty days of receipt of the explanation, if any, submitted by
the applicant under clause (a), -
(i) grant a certificate of recognition as an insolvency professional entity; or
(ii) reject the application by an order, after recording reasons thereof.
(c) The Board shall grant a certificate of recognition as an insolvency professional entity
under clause (a) or (b) in Form D of the Second Schedule.”;
(ii) in sub-regulation (2), in clauses (b) and (c), for the word „seven‟, the word „thirty‟ shall
respectively be substituted.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
6. In the principal regulations, in the First Schedule, after clause 22, the following clarification
shall be inserted, namely: -
“Clarification: An insolvency professional may, at any point of time, not have more than
ten assignments as resolution professional in corporate insolvency resolution process, of
which not more than three shall have admitted claims exceeding one thousand crore rupees
each.
Dr. M. S. SAHOO, Chairperson
[ADVT.-III/4/Exty./158/2021-22]
Note: The Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 were
published vide notification No. IBBI/2016-17/GN/REG003 dated 23rd November, 2016 in the
Gazette of India, Extraordinary, Part III, Section 4, No. 424 on 23rd November, 2016 and were last
amended by the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment)
Regulations, 2021 published vide notification No. IBBI/2021-22/GN/REG073 dated 27th April 2021
in the Gazette of India, Extraordinary, Part III, Section 4, No. 185 on 27th April 2021.
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.