Executive Summary:
This document contains the Insolvency and Bankruptcy Board of India (IBBI) Insolvency Professionals Amendment Regulations, 2020. It amends the Insolvency and Bankruptcy Board of India Insolvency Professionals Regulations, 2016. The regulations are deemed to have come into force on March 28, 2020. A key deadline for insolvency professionals and entities is June 30, 2020, for fee payments for the financial year 2019-2020.
Key Points / Main Content:
Amendment Regulations and Effective Date:
* The regulations are called the Insolvency and Bankruptcy Board of India Insolvency Professionals Amendment Regulations, 2020.
* The regulations came into force from March 28, 2020.
Amendment to Regulation 7 (Fee Payment):
* For the financial year 2019-2020, insolvency professionals must pay the fee under clause (ca) on or before June 30, 2020.
Amendment to Regulation 13 (Information to the Board):
* If an individual ceases to be a director or partner of an insolvency professional entity between the commencement date of these regulations and December 31, 2020, the entity must inform the Board within thirty days of such cessation.
* If an individual joins as a director or partner of an insolvency professional entity between the commencement date of these regulations and December 31, 2020, the entity must inform the Board within thirty days of such joining.
* For the financial year 2019-2020, insolvency professional entities must pay the fee under clause (ca) on or before June 30, 2020.
Impact Analysis:
Insolvency Professionals:
* Impact: Required to pay fees for the financial year 2019-2020 by June 30, 2020.
* Action Required: Ensure fee payment is made on or before June 30, 2020.
Insolvency Professional Entities:
* Impact: Required to inform the Board of any changes in directors or partners occurring between the commencement date of these regulations and December 31, 2020, within thirty days of such change. Required to pay fees for the financial year 2019-2020 by June 30, 2020.
* Action Required: Monitor and report changes in directors/partners to the Board within 30 days of the change, if the change occurs between the specified dates. Ensure fee payment is made on or before June 30, 2020.
Insolvency and Bankruptcy Board of India (IBBI):
* Impact: Responsible for receiving notifications from insolvency professional entities regarding changes in directors/partners and receiving fee payments.
* Action Required: Process notifications and fee payments, and ensure compliance with the amended regulations.
Key Entities Referenced
Insolvency and Bankruptcy Board of India: A regulatory body in India that oversees insolvency proceedings and regulates insolvency professionals, as mentioned in the context of issuing amendment regulations.
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 Professionals Amendment Regulations, 2020: Regulations issued by the Insolvency and Bankruptcy Board of India to amend the Insolvency Professionals Regulations.
New Delhi: The location where the notification was issued.
Insolvency Professionals Regulations, 2016: Regulations established by the Insolvency and Bankruptcy Board of India governing insolvency professionals.
Dr. M. S. Sahoo: Chairperson of the Insolvency and Bankruptcy Board of India.
28th March, 2020: The date from which the Insolvency Professionals Amendment Regulations, 2020 were deemed to be in force.
Government of India Press, Ring Road, Mayapuri, New Delhi110064: The printing location of the document
रजिस्ट्री स.ं डी.एल.-33004/99 REGD. NO. D. L.-33004/99
सी.जी.-डी.एल.-अ.-24042020-219123
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 154] नई दिल्ली, िुक्रवार, अप्रलै 24, 2020/विै ाख 4, 1942
No. 154] 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 (दिवाला व्यावसाजयक) (सिं ोधन) जवजनयम, 2020
स.ं आई.बी.बी.आई./2020-2021/िी.एन./आर.ई.िी.057.—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 207
और धारा 208 द्वारा प्रित्त िजियों का प्रयोग करत े हुए, भारतीय दिवाला और िोधन अक्षमता बोड ड (दिवाला
व्यावसाजयक) जवजनयमन, 2016 का और संिोधन करने के जलए जनम्नजलजखत जवजनयम बनाता ि,ै अथाडत:् -
1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय दिवाला और िोधन अक्षमता बोडड (दिवाला व्यावसाजयक)
(संिोधन) जवजनयम, 2020 ि ै।
(2) ये 28 माच,ड 2020 को प्रवत्तृ हुए समझे िाएंग े ।
2. भारतीय दिवाला और िोधन अक्षमता बोडड (दिवाला व्यावसाजयक) जवजनयमन, 2016 (जिन्ि ें इसके पश्चात ्
मूल जवजनयम किा गया ि)ै के जवजनयम 7 के उप-जवजनयम (2) के खंड (गक) म ें जनम्नजलजखत अंतःस्ट्थाजपत दकया
िाएगा, अथाडत:्–
1827 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
“परन्तु जवत्तीय वर्ड 2019-2020 के जलए, कोई दिवाला व्यावसाजयक इस खंड के अधीन फीस का संिाय 30
िून, 2020 को या उससे पूव ड करेगा ।”।
3. मूल जवजनयमों के जवजनयम 13 के उप-जवजनयम (2) म,ें -
(i) खंड (ख) म,ें जनम्नजलजखत अतं ःस्ट्थाजपत दकया िाएगा, अथाडत्:-
“परन्तु िब कोई व्यजि भारतीय दिवाला और िोधन अक्षमता बोड ड (दिवाला व्यावसाजयक) (संिोधन)
जवजनयम, 2020 के प्रारंभ िोने की तारीख स े और 31 दिसम्बर, 2020 तक, यथाजस्ट्थजत, उसका जनिेिक या
भागीिार निीं रि िाता ि,ै तब दिवाला व्यावसाजयक संस्ट्था ऐसा जनिेिक या भागीिार न रिन े के तीस दिन के
भीतर बोडड को सूजचत करेगी;”;
(ii) खंड (ग) म,ें जनम्नजलजखत अतं ःस्ट्थाजपत दकया िाएगा, अथाडत्:-
“परन्तु िब कोई व्यजि भारतीय दिवाला और िोधन अक्षमता बोड ड (दिवाला व्यावसाजयक) (संिोधन)
जवजनयम, 2020 के प्रारंभ िोन ेकी तारीख स ेऔर 31 दिसम्बर, 2020 तक, यथाजस्ट्थजत, उसके जनिेिक या भागीिार
के रूप म ें प्रवेि करता ि,ै तब दिवाला व्यावसाजयक संस्ट्था ऐसे जनिेिक या भागीिार के रूप में प्रवेि करने के तीस
दिन के भीतर बोड ड को सूजचत करेगी;”;
(iii) खंड (गक) म,ें अंत म ें आन े वाले “30 अप्रलै को या उसस े पूवड करेगा; और” िब्िों के स्ट्थान पर, जनम्नजलजखत रखा
िाएंगा, अथाडत:्-
“30 अप्रैल को या उससे पूव ड करेगा:
परन्तु जवत्तीय वर्ड 2019-2020 के जलए, कोई दिवाला व्यावसाजयक संस्ट्था इस खंड के अधीन फीस का
संिाय 30 िून, 2020 को या उससे पूवड करेगी; और”।
डॉ. एम. एस. साहू, अध् यक्ष
[जवज्ञापन-III/4/असा. /10/2020-21]
ठिप्पण: भारतीय दिवाला और िोधन अक्षमता बोड ड (दिवाला व्यावसाजयक) जवजनयमन, 2016, भारत के रािपत्र,
असाधारण, भाग III, खंड 4, स.ं 424, तारीख 23 नवम्बर, 2016 म ें अजधसूचना स.ं आई.बी.बी.आई./
2016-17/िी.एन./आर.ई.िी.003, तारीख 23 नवम्बर, 2016 द्वारा प्रकाजित दकए गए थ ेऔर तत्पश्चात-्
(1) भारत के रािपत्र, असाधारण, भाग 3, खंड 4, स.ं 125, तारीख 28 माच,ड 2018 म ें अजधसूचना स.ं
आई.बी.बी.आई./2017-18/िी.एन./आर.ई.िी.027, तारीख 27 माच,ड 2018 द्वारा प्रकाजित भारतीय दिवाला और
िोधन अक्षमता बोड ड(दिवाला व्यावसाजयक) (संिोधन) जवजनयम, 2018;
(2) भारत के रािपत्र, असाधारण, भाग 3, खंड 4, स.ं 384, तारीख 11 अिूबर, 2018 म ें अजधसूचना स.ं
आई.बी.बी.आई./2018-19/िी.एन./आर.ई.िी.036, तारीख 11 अिूबर, 2018 द्वारा प्रकाजित भारतीय दिवाला
और िोधन अक्षमता बोड ड (दिवाला व्यावसाजयक) (िसू रा संिोधन) जवजनयम, 2018;
(3) भारत के रािपत्र, असाधारण, भाग 3, खंड 4, स.ं 257, तारीख 23 िुलाई, 2019 म ें अजधसूचना स.ं
आई.बी.बी.आई./2019-20/िी.एन./आर.ई.िी.045, तारीख 23 िुलाई, 2019 द्वारा प्रकाजित भारतीय दिवाला
और िोधन अक्षमता बोड ड (दिवाला व्यावसाजयक) (संिोधन) जवजनयम, 2019; और[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
(4) भारत के रािपत्र, असाधारण, भाग 3, खंड 4, स.ं 367, तारीख 25 अिूबर, 2019 म ें अजधसूचना स.ं
आई.बी.बी.आई./2019-20/िी.एन./आर.ई.िी.049, तारीख 25 अिूबर, 2019 द्वारा प्रकाजित भारतीय दिवाला
और िोधन अक्षमता बोड ड (दिवाला व्यावसाजयक) (िसू रा संिोधन) जवजनयम, 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 बोड ड (दिवाला व्यावसाजयक) जवजनयमन, 2016 म ें संिोधन करने का जवजनश्चय दकया । केन्रीय
सरकार द्वारा कोजवड-19 के प्रकोप के पठरणामस्ट्वरूप 25 माचड, 2020 स े घोजर्त 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 बोडड की वैबसाइि पर प्रकाजित दकया
गया था दक उन्ि ें भारत के रािपत्र म ें तब प्रकाजित दकया िाएगा िैसे िी भारत सरकार का मुरणालय इस े
प्रकािनाथड स्ट्वीकार करता ि ै। िासी बोडड का आिय संिोजधत जवजनयमों को 28 माच,ड 2020 से प्रवृत्त करना था।
यि प्रमाजणत दकया िाता ि ै दक चूंदक सिं ोजधत जवजनयम दिवाला व्यावसाजयकों और दिवाला व्यावसाजयक
संस्ट्थाओं द्वारा फीस के जवलंजबत संिाय को सुकर बनात े ि ैं 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 (Insolvency Professionals) (Amendment) Regulations, 2020
No. IBBI/2020-21/GN/REG057.—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, 2020.
(2) They shall be deemed to have come into force from the 28th March, 2020.
2. In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (hereinafter
referred to as the principal regulations), in regulation 7, in sub-regulation (2), in clause (ca), the following shall
be inserted, namely: —
“Provided that for the financial year 2019-2020, an insolvency professional shall pay the fee under this
clause on or before the 30th June, 2020.”.
3. In the principal regulations, in regulation 13, in sub-regulation (2), -
(i) in clause (b), the following shall be inserted, namely: -
“Provided that when an individual ceases to be its director or partner, as the case may be, on and from the
date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals)
(Amendment) Regulations, 2020 and ending on the 31st December 2020, the insolvency professional entity
shall inform the Board, within thirty days of such cessation;”;
(ii) in clause (c), the following shall be inserted, namely: -
“Provided that when an individual joins as its director or partner, as the case may be, on and
from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) (Amendment) Regulations, 2020 and ending on the 31st December 2020, the insolvency
professional entity shall inform the Board, within thirty days of such joining;”;4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(iii) in clause (ca), for “Second Schedule; and”, occurring at the end, the following shall be
substituted, namely: -
“Second Schedule:
“Provided that for the financial year 2019-2020, an insolvency professional entity shall pay the fee
under this clause on or before the 30th June, 2020; and”.
DR. M. S. SAHOO, Chairperson
[ADVT.-III/4/Exty./10/2020-21]
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 subsequently
amended by-
(1) The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018
published vide notification No. IBBI/2017-18/GN/REG027 dated the 27th March, 2018 in Gazette of India,
Extraordinary, Part III, Section 4, No. 125 on 28th March, 2018;
(2) The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment)
Regulations, 2018 published vide notification No. IBBI/2018-19/GN/REG036 dated the 11th October 2018 in
Gazette of India, Extraordinary, Part III, Section 4, No. 384 on 11th October, 2018;
(3) The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019
published vide notification No. IBBI/2019-20/GN/REG045 dated the 23rd July 2019 in Gazette of India,
Extraordinary, Part III, Section 4, No. 257 on 23rd July 2019; and
(4) The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment)
Regulations, 2019 published vide notification No. IBBI/2019-20/GN/REG049 dated the 25th October 2019 in
Gazette of India, Extraordinary, Part III, Section 4, No. 367 on 25th October 2019.
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 (Insolvency Professionals) 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.
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.