## Report on the Insolvency and Bankruptcy Board of India Insolvency Professionals Amendment Regulations, 2022
**1. Executive Summary:**
This report analyzes the Insolvency and Bankruptcy Board of India (IBBI) Insolvency Professionals Amendment Regulations, 2022, as published in the Gazette of India on July 4, 2022. This amendment modifies the Insolvency and Bankruptcy Board of India Insolvency Professionals Regulations, 2016. The core purpose of the amendment is to enhance transparency and accountability within the insolvency resolution process by introducing stricter disclosure requirements for Insolvency Professionals (IPs) regarding their relationships with various stakeholders, including corporate debtors, other professionals, financial creditors, interim finance providers, and prospective resolution applicants. Additionally, the amendment addresses billing practices and compliance with applicable laws during insolvency proceedings. Key findings include increased obligations for IPs to disclose relationships and ensure proper billing and legal compliance.
**2. Introduction:**
This report aims to provide a comprehensive overview of the Insolvency and Bankruptcy Board of India Insolvency Professionals Amendment Regulations, 2022, based solely on the provided policy text. It outlines the key changes introduced by the amendment, their implications for stakeholders, and the likely intended outcomes.
**3. Policy Overview:**
* This report analyzes an amendment to the Insolvency and Bankruptcy Board of India Insolvency Professionals Regulations, 2016.
* **Core Objective(s):** The primary objective of this amendment is to improve transparency and accountability within the insolvency resolution process by requiring greater disclosure and adherence to ethical and financial practices by Insolvency Professionals. This is inferred from the text relating to disclosures of relationships, billing practices, and ensuring compliance with applicable laws.
**4. Background and Rationale:**
This amendment appears to address potential conflicts of interest and financial irregularities in the insolvency resolution process. The introduction of mandatory disclosures of relationships between IPs and various stakeholders suggests a need to mitigate biases or undue influence. Furthermore, the provisions regarding billing practices and compliance with applicable laws imply a desire to prevent unethical or illegal conduct during insolvency proceedings. The amendment strengthens the oversight of IPs and aims to ensure a fairer and more transparent process.
**5. Key Provisions / Changes:**
This amendment introduces several key changes to the Insolvency and Bankruptcy Board of India Insolvency Professionals Regulations, 2016:
* **Regulation 11 (Disciplinary Proceedings):** Regulation 11 is entirely substituted. The new regulation states that "The disciplinary proceedings shall be conducted in accordance with the provisions of Insolvency and Bankruptcy Board of India Inspection and Investigation Regulations, 2017." This means the disciplinary proceedings for IPs are now governed by the 2017 regulations, likely streamlining or formalizing the process for addressing misconduct.
* **First Schedule (After Clause 8A):** The following new clauses are inserted:
* **8B: Disclosure of Relationships:** Mandates IPs to disclose their relationships with the corporate debtor, other professionals, financial creditors, interim finance providers, and prospective resolution applicants to their insolvency professional agency. The amendment also specifies the timelines for disclosure of said relationships.
* **8C: Disclosure of Other Professionals' Relationships:** Requires IPs to ensure that other professionals they engage also disclose their relationships with the IP, corporate debtor, financial creditors, interim finance providers, and prospective resolution applicants. This clause also specifies timelines for disclosing these relationships.
* **8D: Timely and Correct Disclosures:** Requires that the IP ensures that the disclosure made are timely and correct.
* **First Schedule (After Clause 15):**
* **15A: Mandatory Information in Communications:** Requires IPs to prominently display their name, address, email, registration number, and validity of authorization for assignment in all communications with stakeholders.
* **First Schedule (After Clause 25A):**
* **25B: IP Billing Practices:** IPs are required to raise bills/invoices in their own name and receive fees through banking channels.
* **25C: Other Professionals' Billing Practices:** Stipulates that insolvency professional entities or professionals engaged by the IP must raise bills/invoices in their name and receive fees through banking channels.
* **First Schedule (After Clause 27):**
* **27A: Compliance with Applicable Laws:** IPs must exercise reasonable care and diligence to ensure the corporate person complies with applicable laws during insolvency proceedings.
* **27B: Exclusion of Losses from Costs:** IPs are prohibited from including any amount towards any loss, including penalty in the insolvency resolution process cost or liquidation cost, if such loss is incurred on account of noncompliance of any provision of the laws applicable on the corporate person while conducting the insolvency resolution process.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders are:
* Insolvency Professionals (IPs)
* Insolvency Professional Agencies
* Corporate Debtors
* Financial Creditors
* Interim Finance Providers
* Prospective Resolution Applicants
* Other professionals engaged by IPs (e.g., valuers, accountants, legal professionals)
**7. Implementation Aspects (Inferred):**
* **Responsible Agency:** The Insolvency and Bankruptcy Board of India (IBBI) is the responsible agency for overseeing and enforcing these regulations.
* **Timelines:** Specific timelines are provided for disclosing relationships with stakeholders (within three days of appointment, constitution of the committee of creditors, agreement with interim finance provider, or supply of information memorandum). The amendments also specify time frames for when the relationship "comes to notice or arises subsequently".
* **Procedures:** The text implies that IPs must establish internal procedures to collect and disclose the required relationship information.
**8. Expected Outcomes / Impact of Changes:**
The intended outcomes of these changes are likely to include:
* **Increased Transparency:** The mandatory disclosure of relationships should reduce the potential for conflicts of interest and enhance the transparency of the insolvency resolution process.
* **Enhanced Accountability:** By requiring IPs to ensure compliance with applicable laws and prohibiting the inclusion of losses due to non-compliance in insolvency costs, the amendment promotes greater accountability.
* **Improved Ethical Conduct:** The billing practice requirements aim to prevent financial irregularities and promote ethical billing practices.
* **Greater Stakeholder Confidence:** Increased transparency and accountability are expected to foster greater confidence among stakeholders in the fairness and integrity of the insolvency resolution process.
**9. Conclusion:**
The Insolvency and Bankruptcy Board of India Insolvency Professionals Amendment Regulations, 2022, represent a significant step towards strengthening the regulatory framework for insolvency professionals in India. By mandating greater transparency, accountability, and ethical conduct, these amendments are expected to improve the integrity and effectiveness of the insolvency resolution process, ultimately benefiting all stakeholders involved. The changes highlight the importance of continuous improvement and adaptation in the regulatory landscape to address emerging challenges and promote a robust insolvency ecosystem.
Key Entities Referenced
New Delhi: The city where the notification was issued.
Insolvency and Bankruptcy Board of India: An organization that makes the following regulations.
Insolvency and Bankruptcy Code, 2016: A code cited as the source of authority for the regulations.
Insolvency Professionals Amendment Regulations, 2022: The title of the new regulations being introduced.
Insolvency Professionals Regulations, 2016: The regulations being amended.
Insolvency and Bankruptcy Board of India Inspection and Investigation Regulations, 2017: Regulations regarding disciplinary proceedings.
Ravi Mital: Chairperson of the issuing authority.
Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi110064: Address of the printing press
Controller of Publications, Delhi110054: Publisher name
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-05072022-237072
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CG-DL-E-05072022-237072
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 338] नई दिल्ली, सोमवार, िुलाई 4, 2022/आषाढ़ 13, 1944
No. 338] NEW DELHI, MONDAY, JULY 4, 2022/ASHADHA 13, 1944
भारतीय दिवाला और िोधन अक्षमता बोड ड
अजधसचू ना
नई दिल्ली, 4 िुलाई, 2022
भारतीय दिवाला और िोधन अक्षमता बोडड (दिवाला व्यावसाजयक) (सिं ोधन) जवजनयम, 2022
स.ं आई.बी.बी.आई./2022-23/िी.एन./आर.ई.िी.088.—भारतीय दिवाला और िोधन अक्षमता बोडड, दिवाला और
िोधन अक्षमता संजिता, 2016 (2016 का 31) की धारा 240 के साथ पठित धारा 196, धारा 207 और धारा 208 द्वारा
प्रित्त िजियों का प्रयोग करते हुए, भारतीय दिवाला और िोधन अक्षमता बोड ड (दिवाला व्यावसाजयक) जवजनयमन, 2016
का और संिोधन करन े के जलए जनम्नजलजखत जवजनयम बनाता ि,ै अथाडत:् —
1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय दिवाला और िोधन अक्षमता बोडड (दिवाला व्यावसाजयक) (संिोधन)
जवजनयम, 2022 ि ै।
(2) य ेरािपत्र में प्रकािन की तारीख को प्रवृत्त िोंग े ।
2. भारतीय दिवाला और िोधन अक्षमता बोड ड (दिवाला व्यावसाजयक) जवजनयमन, 2016 (जिन्ि ें इसमें इसके पश्चात ्
“मूल जवजनयम” किा गया ि)ै के जवजनयम 11 के स्ट्थान पर जनम्नजलजखत रखा िाएगा, अथाडत्:—
“अनिु ासजनक कायवड ाजिया ं
11. अनिु ासजनक कायडवाजियों का संचालन भारतीय दिवाला और िोधन अक्षमता बोडड (जनरीक्षण और अन्वेषण)
जवजनयम, 2017 के उपबंधों के अनुसार दकया िाएगा ।”
4483 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
3. मूल जवजनयमों की प्रथम अनुसचू ी में, —
(i) खडं 8क के पश्चात,् जनम्नजलजखत खंड अंतःस्ट्थाजपत दकए िाएंगे, अथाडत्: —
“8ख. कोई दिवाला व्यावसाजयक, उस दिवाला व्यावसाजयक एिेंसी को, जिसका वि सिस्ट्य ि,ै कारपोरेट ऋणी,
उसके द्वारा जनयोजित अन्य व्यावसाजयकों, जवत्तीय लेनिारों, अतं ठरम जवत्त प्रिाताओं और भावी समाधान आवेिकों के साथ
अपन ेसंबंध को, यदि कोई ि,ै इसमें इसके नीचे जवजनर्िष्टड समय के भीतर प्रकट करेगा:
दिवाला व्यावसाजयक का जनम्नजलजखत के साथ सबं धं प्रकटन तीन दिन के भीतर दकया िाना ि ै
(1) (2)
कारपोरेट ऋणी उसकी जनयुजि के
रजिस्ट्रीकृत मूल्यांकक/लेखाकार/जवजधक व्यावसाजयक/उसके व्यावसाजयकों की जनयुजि के
द्वारा जनयुि अन्य व्यावसाजयक
जवत्तीय लेनिार लेनिारों की सजमजत के गिन के
अंतठरम जवत्त प्रिाता अंतठरम जवत्त प्रिाता के साथ करार के
भावी समाधान आवेिक भावी समाधान आवेिक को सचू ना ज्ञापन का प्रिाय दकए
िाने के
यदि उपरोि म ें से दकसी के साथ संबंध की िानकारी बाि ऐसी िानकारी जमलन ेया उद्भतू िोने के
में जमलती ि ैया उद्भूत िोती ि ै
8ग. कोई दिवाला व्यावसाजयक, उस दिवाला व्यावसाजयक एिेंसी को, जिसका वि सिस्ट्य ि,ै उसके द्वारा जनयोजित अन्य
व्यावसाजयकों के स्ट्वयं के साथ, कारपोरेट ऋणी, जवत्तीय लेनिार, अतं ठरम जवत्त प्रिाता, यदि कोई ि,ै और भावी समाधान
आवेिक के साथ संबंध का, यदि कोई ि,ै नीचे जवजनर्िष्टड समय के भीतर प्रकटन सुजनजश्चत करेगा:
अन्य व्यावसाजयकों का जनम्नजलजखत के साथ सबं धं प्रकटन तीन दिन के भीतर दकया िाना ि ै
(1) (2)
दिवाला व्यावसाजयक अन्य व्यावसाजयक की जनयुजि के
कारपोरेट ऋणी अन्य व्यावसाजयक की जनयुजि के
जवत्तीय लेनिार लेनिारों की सजमजत के गिन के
अंतठरम जवत्त प्रिाता अंतठरम जवत्त प्रिाता के साथ करार के या अन्य व्यावसाजयक
की जनयुजि के तीन दिन, इनमें से िो भी पश्चात्वती िो, के
भावी समाधान आवेिक भावी समाधान आवेिक को सचू ना ज्ञापन का प्रिाय दकए
िाने के या अन्य व्यावसाजयक की जनयुजि के तीन दिन,
इनमें से िो भी पश्चात्वती िो, के
यदि उपरोि म ें से दकसी के साथ संबंध की िानकारी बाि ऐसी िानकारी जमलन ेया उद्भतू िोने के
में जमलती ि ैया उद्भूत िोती ि ै[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
स्ट्पष्टीकरण: उपरोि खंड 8ख और 8ग के प्रयोिनों के जलए, “संबंध” से, अन्य व्यावसाजयकों की जनयुजि या इसके पूवडवती
तीन वषों के िौरान दकसी भी समय जनम्नजलजखत चार प्रकार के संबंधों में से दकसी एक या अजधक प्रकार का संबंध अजभप्रेत
िोगा:
संबधं का प्रकार संबधं की प्रकृजत
(1) (2)
क ििां, यथाजस्ट्थजत, दिवाला व्यावसाजयक या अन्य व्यावसाजयक ने, दकसी वषड में अपना
5 प्रजतित या उसके अजधक सकल रािस्ट्व, संबंजधत पक्षकार को िी गई व्यावसाजयक सेवाओं से
व्युत्पन्न दकया ि ै।
ख ििां, यथाजस्ट्थजत, दिवाला व्यावसाजयक या अन्य व्यावसाजयक संबंजधत पक्षकार का कोई
िेयरधारक, जनििे क, प्रमुख प्रबधं कीय का्मडक या भागीिार ि ै।
ग ििां, यथाजस्ट्थजत, दिवाला व्यावसाजयक या अन्य व्यावसाजयक का कोई नातेिार (पजत/पत्नी,
माता-जपता, पजत/पत्नी के माता जपता, अपने या पजत/पत्नी के भाई-बिन और संतान) का
संबंजधत पक्षकार के साथ क या ख प्रकार का संबंध ि ै।
घ ििां, यथाजस्ट्थजत, दिवाला व्यावसाजयक या अन्य व्यावसाजयक, दकसी कंपनी, फम ड या
एल.एल.पी., िैसे दिवाला व्यावसाजयक संस्ट्था या रजिस्ट्रीकृत मूल्यांकक, का भागीिार या
जनिेिक ि,ै विां ऐसी कंपनी, फमड या एल.एल.पी. के प्रत्येक भागीिार या जनिेिक का संबंजधत
पक्षकार के साथ क, ख या ग प्रकार का संबंध ।
8घ. कोई दिवाला व्यावसाजयक, स्ट्वयं द्वारा और उसके द्वारा जनयुि अन्य व्यावसाजयकों द्वारा समयबद्ध और सिी प्रकटन
सुजनजश्चत करेगा और उस दिवाला व्यावसाजयक एिेंसी को, जिसका वि व्यावसाजयक सिस्ट्य ि,ै इस आिय का पुजष्टकरण
प्रिान करेगा दक प्रत्येक अन्य व्यावसाजयक की जनयुजि, यदि कोई ि,ै जनबंजधत संबंधों के आधार पर की गई ि ै।”
(ii) खंड 15 के पश्चात,् जनम्नजलजखत खंड अंतःस्ट्थाजपत दकया िाएगा, अथातड ्: —
“15क. कोई दिवाला व्यावसाजयक, दकसी जितधारक को अपनी समस्ट्त संसूचनाओं म,ें अपना नाम, पता, ईमले ,
रजिस्ट्रीकरण संखयांक और उस दिवाला व्यावसाजयक एिेंसी द्वारा, जिसका वि सिस्ट्य ि,ै िारी असाइनमेंट के
प्राजधकार की जवजधमान्यता, यदि कोई ि,ै प्रमुख रूप से कजथत करेगा ।”
(iii) खडं 25क के पश्चात्, जनम्नजलजखत खडं अंतःस्ट्थाजपत दकए िाएंगे, अथाडत्: —
“25ख. कोई दिवाला व्यावसाजयक, अपनी फीस के मद्ध े जबल या बीिक अपने नाम म ें तैयार करेगा और उसे ऐसी
फीस का संिाय बैंककंग चैनल द्वारा दकया िाएगा ।
25ग. कोई दिवाला व्यावसाजयक यि सुजनजश्चत करेगा दक दिवाला व्यावसाजयक संस्ट्था या उसके द्वारा जनयोजित
व्यावसाजयक, अपनी फीस मद्ध े जबल या बीिक स्ट्वय ं अपन े नाम म ें तैयार करत े ि ैं और उन्ि ें ऐसी फीस का संिाय
बैंककंग चैनल द्वारा दकया िाएगा ।”
(iv) खडं 27 के पश्चात्, जनम्नजलजखत खंड अंतःस्ट्थाजपत दकए िाएंगे, अथाडत्:—
“27क. कोई दिवाला व्यावसाजयक, असाइनमेंट पर कायड करते समय या प्रदियाओं का संचालन करते समय,
युजियुि सावधानी और तत्परता का बरतगे ा और यि सुजनजश्चत करन े के जलए समस्ट्त आवश्यक किम उिाएगा
दक कारपोरेट व्यजि लागू जवजधयों का अनुपालन करता ि ै।
27ख. कोई दिवाला व्यावसाजयक, संजिता के अधीन दिवाला समाधान प्रदिया, फॉस्ट्ट रैक दिवाला समाधान
प्रदिया, समापन प्रदिया या स्ट्वजै छिक समापन प्रदिया का संचालन करत े समय कारपोरेट व्यजि पर लाग ू जवजधयों4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
के दकसी उपबंध के अननपु ालन के कारण उपगत दिवाला समाधान प्रदिया लागत या पठरसमापन लागत म ें दकसी
िाजन मद्ध,े जिसके अंतगडत िाजस्ट्त, यदि कोई ि,ै भी ि,ै कोई रकम सजममजलत निीं करेगा ।”
रजव जमत्तल, अध्यक्ष
[जवज्ञापन III/4/असा./159/2022-23]
ठटप्पण: भारतीय दिवाला और िोधन अक्षमता बोडड (दिवाला व्यावसाजयक) जवजनयमन, 2016, भारत के रािपत्र, असाधारण,
भाग III, खंड 4, सं. 424, तारीख 23 नवमबर, 2016 में अजधसूचना सं. आई.बी.बी.आई./2016-17/िी.एन./आर.ई.िी.003,
तारीख 23 नवमबर, 2016 द्वारा प्रकाजित दकए गए थे और उनमें अंजतम संिोधन भारत के रािपत्र, असाधारण, भाग III, खंड
4, सं. 294, तारीख 22 िुलाई, 2021 में अजधसूचना सं. आई.बी.बी.आई./2021-22 /िी.एन./आर.ई.िी.077, तारीख 22
िुलाई, 2021 द्वारा प्रकाजित भारतीय दिवाला और िोधन अक्षमता बोडड (दिवाला व्यावसाजयक) (िसू रा संिोधन) जवजनयम,
2021 द्वारा दकए गए ।
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 4th July, 2022
Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022
No. IBBI/2022-23/GN/REG088.—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)
(Amendment) Regulations, 2022.
(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 Professionals) Regulations, 2016 (hereinafter referred
to as ‘the principal regulations’), for regulation 11, the following shall be substituted, namely:—
“Disciplinary Proceedings.
11. The disciplinary proceedings shall be conducted in accordance with the provisions of Insolvency and
Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017.”
3. In the principal regulations, in the First Schedule,
(i) after clause 8A, the following clauses shall be inserted, namely:—
“8B. An insolvency professional shall disclose his relationship, if any, with the corporate debtor, other
professionals engaged by him, financial creditors, interim finance providers, and prospective resolution applicants
to the insolvency professional agency of which he is a member, within the time specified hereunder:
Relationship of the insolvency professional with Disclosure to be made within three days of
(1) (2)
Corporate debtor his appointment.
Registered valuers / accountants/ legal professionals/ appointment of the professionals.
other professionals appointed by him
Financial creditors the constitution of committee of creditors.
Interim finance providers the agreement with the interim finance provider.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5
Prospective resolution applicants the supply of information memorandum to the
prospective resolution applicant.
If relationship with any of the above, comes to notice or of such notice or arising.
arises subsequently
8C. An insolvency professional shall ensure disclosure of the relationship, if any, of the other professionals
engaged by him with himself, the corporate debtor, the financial creditor, the interim finance provider, if any, and
the prospective resolution applicant, to the insolvency professional agency of which he is a member, within the
time specified as under:
Relationship of the other professional with Disclosure to be made within three days of
(1) (2)
Insolvency professional the appointment of the other professional.
Corporate debtor the appointment of the other professional.
Financial creditors constitution of committee of creditors.
Interim finance providers the agreement with the interim finance provider or
three days of the appointment of the other
professional, whichever is later.
Prospective resolution applicants the supply of information memorandum to the
prospective resolution applicant or three days of the
appointment of the other professional, whichever is
later.
If relationship with any of the above, comes to notice or of such notice or arising.
arises subsequently
Explanation: For the purposes of clause 8B and 8C above, ‘relationship’ shall mean any one or more of the
following four kinds of relationships at any time or during the three years preceding the appointment of other
professionals:
Kind of Nature of relationship
relationship
(1) (2)
A Where the insolvency professional or the other professional, as the case may be, has derived 5% or
more of his / its gross revenue in a year from professional services to the related party.
B Where the insolvency professional or the other professional, as the case may be, is a shareholder,
director, key managerial personnel or partner of the related party.
C Where a relative (spouse, parents, parents of spouse, sibling of self and spouse, and children) of
the insolvency professional or the other professional, as the case may be, has a relationship of
kind A or B with the related party.
D Where the insolvency professional or the other professional, as the case may be, is a partner or
director of a company, firm or LLP, such as, an insolvency professional entity or registered
valuer, the relationship of kind A, B or C of every partner or director of such company, firm or
LLP with the related party.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
8D. An insolvency professional shall ensure timely and correct disclosures by him, and other professionals
appointed by him and shall provide a confirmation to the insolvency professional agency of which he is a
professional member to the effect that the appointment, if any, of every other professional has been made at arms’
length relationship.”
(ii) after clause 15, the following clause shall be inserted, namely:—
“15A. An insolvency professional shall prominently state in all his communications to a stakeholder, his name,
address, e-mail, registration number and validity of authorisation for assignment, if any, issued by the insolvency
professional agency of which he is a member.”
(iii) after clause 25A, the following clauses shall be inserted, namely:—
“25B. An insolvency professional shall raise bills or invoices in his name towards his fees, and such fees shall be
paid to him through banking channel.
25C. An insolvency professional shall ensure that the insolvency professional entity or the professional engaged
by him raises bills or invoices in their own name towards their fees, and such fees shall be paid to them through
banking channel.”
(iv) after clause 27, the following clauses shall be inserted, namely:—
“27A. An insolvency professional shall, while undertaking assignment or conducting processes, exercise
reasonable care and diligence and take all necessary steps to ensure that the corporate person complies with the
applicable laws.
27B. An insolvency professional shall not include any amount towards any loss, including penalty, if any, in the
insolvency resolution process cost or liquidation cost, incurred on account of non-compliance of any provision of
the laws applicable on the corporate person while conducting the insolvency resolution process, fast track
insolvency resolution process, liquidation process or voluntary liquidation process, under the Code.”
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./159/2022-23]
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) (Second Amendment) Regulations, 2021 published vide notification
No. IBBI/2021-22/GN/REG077 dated 22nd July, 2021 in the Gazette of India, Extraordinary, Part III, Section 4, No.
294 on 22nd July, 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.