Home India Insolvency and Bankruptcy Board of India In exercise of the powers conferred by sections 196, 207 and...
Date: 2020-07-01 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by sections 196, 207 and 208 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

Executive Summary: The notification pertains to the Insolvency and Bankruptcy Board of India Insolvency Professionals Second Amendment Regulations, 2020. It amends the Insolvency and Bankruptcy Board of India Insolvency Professionals Regulations, 2016. The amendment modifies regulation 12, sub-regulation 1, clause a, concerning the objective of support services to insolvency professionals. The regulations come into force on the date of their publication in the Official Gazette. Key Points / Main Content: * **Amendment Title:** Insolvency and Bankruptcy Board of India Insolvency Professionals Second Amendment Regulations, 2020. * **Authority:** Issued by the Insolvency and Bankruptcy Board of India. * **Effective Date:** Upon publication in the Official Gazette. * **Regulation Amended:** Regulation 12 of the Insolvency and Bankruptcy Board of India Insolvency Professionals Regulations, 2016. * **Specific Change:** Clause a of sub-regulation 1 of regulation 12 is substituted. The new clause states that the sole objective is to provide support services to insolvency professionals. * **Reference to Previous Amendments:** The notification lists previous amendments to the Insolvency and Bankruptcy Board of India Insolvency Professionals Regulations, 2016. Impact Analysis: **Insolvency Professionals:** * Impact: Clarifies that the sole objective is to provide support services to insolvency professionals. * Action Required: Understand the amended regulations and ensure compliance in providing support services. **Insolvency and Bankruptcy Board of India:** * Impact: Responsible for enforcing the amended regulations. * Action Required: Ensure the amended regulations are implemented and monitored effectively.

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 laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals. Insolvency Professionals Second Amendment Regulations, 2020: Regulations issued by the Insolvency and Bankruptcy Board of India to amend the Insolvency Professionals Regulations. Insolvency Professionals Regulations, 2016: Regulations established by the Insolvency and Bankruptcy Board of India concerning insolvency professionals. New Delhi: The location where the notification was issued. Dr. M. S. Sahoo: Chairperson of Insolvency and Bankruptcy Board of India. Gazette of India: The official government publication of India, in which government notifications, rules, and regulations are published. Mayapuri, New Delhi 110064: Location of the Government of India Press.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-02072020-220324 xxxGIDHxxx CG-DL-E-02072020-220324 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 238] नई दिल्ली, बुधवार, िुलाई 1, 2020/आषाढ़ 10, 1942 No. 238] NEW DELHI, WEDNESDAY, JULY 1, 2020/ASHADHA 10, 1942 भारतीय दिवाला और िोधन अक्षमता बोड ड अजधसचू ना नई दिल्ली, 30 िून, 2020 भारतीय दिवाला और िोधन अक्षमता बोडड (दिवाला व्यावसाजयक) (िसू रा सिं ोधन) जवजनयम, 2020 स.ं आई.बी.बी.आई./2020-21/िी.एन./आर.ई.िी.061.ؙ—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 बोडड (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) (िसू रा संिोधन) जवजनयम, 2020 ि ै। (2) य ेरािपत्र में प्रकािन की तारीख को प्रवृत्त िोंग े । 2. भारतीय दिवाला और िोधन अक्षमता बोड ड (दिवाला व्यावसाजयक) जवजनयमन, 2016 के जवजनयम 12 के उप- जवजनयम (1) के खंड (क) के स्ट्थान पर जनम्नजलजखत खडं रखा िाएगा, अथाडत्:– “(क) उसका एकमात्र उद्देश्य दिवाला व्यावसाजयकों को सिायता सेवाएं प्रिान करना ि;ै ”। डा. एम. एस. साहू, अध्यक्ष [जवज्ञापन III@4@असा.@101@2020-21] 2923 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] ठिप्पण: भारतीय दिवाला और िोधन अक्षमता बोडड (दिवाला व्यावसाजयक) जवजनयमन, 2016, भारत के रािपत्र, असाधारण, भाग 3, 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 तत्पश् चात - (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 बोडड (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; (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; और (5) भारत के रािपत्र, असाधारण, भाग 3, खंड 4, स.ं 154, तारीख 24 अप्रलै , 2020 म ें अजधसूचना स.ं आई.बी.बी.आई./2020-21/िी.एन./आर.ई.िी.057, तारीख 20 अप्रलै , 2020 द्वारा प्रकाजित भारतीय दिवाला और िोधन अक्षमता बोडड (दिवाला व्यावसाजयक) (संिोधन) जवजनयम, 2020 द्वारा उनम ें संिोधन दकए गए । INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 30th June, 2020 Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2020 No. IBBI/2020-21/GN/REG061.—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, 2020. (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, in regulation 12, in sub-regulation (1), for clause (a), the following clause shall be substituted, namely: — “(a) its sole objective is to provide support services to insolvency professionals;”. DR. M. S. SAHOO, Chairperson [ADVT. III/4/Exty./101/2020-21][भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 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 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 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 23rd July 2019 in Gazette of India, Extraordinary, Part III, Section 4, No. 257 on 23rd July, 2019; (4) The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2019 published vide notification No. IBBI/2019-20/GN/REG049 dated 25th October 2019 in Gazette of India, Extraordinary, Part III, Section 4, No. 367 on 25th October, 2019; and (5) The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2020 published vide notification No. IBBI/2020-21/GN/REG057 dated 20th April, 2020 in Gazette of India, Extraordinary, Part III, Section 4, No. 154 on 24th April, 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.

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