Home› India› Insolvency and Bankruptcy Board of India› In exercise of the powers conferred by sections 196 and 205 ...
Date: 31-Jan-2024 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by sections 196 and 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

Issued by Insolvency and Bankruptcy Board of India · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification introduces the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2024. These regulations amend the 2016 regulations concerning the model bye-laws and governing board of insolvency professional agencies.
  • The amendment primarily relates to the validity period of assignment authorizations issued or renewed by the agency to insolvency professionals.

Key Changes

  • The standard validity of an assignment authorization issued or renewed by the agency remains one year from the date of issuance or renewal.
  • A provision is introduced to extend the validity of assignment authorizations expiring between January 1st and June 30th to June 30th of that year.
  • Similarly, assignment authorizations expiring between July 1st and December 31st will be valid until December 31st of that year.
  • If a professional member reaches the age of seventy during the authorization period, the authorization is valid only until that date.

Impact Analysis

Impact on Insolvency Professionals

  • Action Item: Insolvency Professionals should review their authorization expiry dates and plan for renewal accordingly, keeping the extended validity periods in mind. They should also track their age if nearing 70 to understand the exact validity of their authorization.

Impact on Insolvency Professional Agencies (IPAs)

  • Action Item: IPAs should update their internal systems to automatically calculate the extended validity dates based on the new regulations. They should also issue guidance to their members regarding the changes.

Impact on IBBI

  • Action Item: IBBI should monitor the implementation of the amended regulations and address any issues or concerns raised by stakeholders.

Key Entities Referenced

Insolvency and Bankruptcy Board of India (IBBI): The regulatory body responsible for implementing and overseeing the Insolvency and Bankruptcy Code, 2016. Insolvency Professional Agencies (IPAs): Agencies recognized by the IBBI that enroll and regulate insolvency professionals. Insolvency Professionals: 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.-01022024-251688 xxxGIDHxxx CG-DL-E-01022024-251688 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 75] नई दिल्ली, बुधवार, िनवरी 31, 2024/माघ 11, 1945 No. 75] NEW DELHI, WEDNESDAY, JANUARY 31, 2024/MAGHA 11, 1945 भारतीय दिवाला और िोधन अक्षमता बोड ड अजधसचू ना नई दिल्ली, 31 िनवरी, 2024 भारतीय दिवाला और िोधन अक्षमता बोडड (आिि डउप-जवजधया ंऔर दिवाला व्यावसाजयक एिजें सयों का िासी बोडड) (सिं ोधन) जवजनयम, 2024 स.ं आई.बी.बी.आई./2023-24/िी.एन./आर.ई.िी.111.- भारतीय दिवाला और िोधन अक्षमता बोडड, दिवाला और िोधन अक्षमता संजिता, 2016 (2016 का 31) की धारा 240 के साथ पठित धारा 196 और धारा 205 द्वारा प्रित्त िजियों का प्रयोग करत े हुए, भारतीय दिवाला और िोधन अक्षमता बोडड (आििड उप-जवजधयां और दिवाला व्यावसाजयक एिेंजसयों का िासी बोडड) जवजनयमन, 2016 का और संिोधन करने 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 एिजें सयों का िासी बोडड) (संिोधन) जवजनयम, 2024 ि ै। (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) जवजनयमन, 2016 की अनुसूची के परै ा VI के खडं 12क म,ें उप-खडं (6) के स्ट्थान पर जनम्नजलजखत उप-खंड रखा िाएगा, अथाडत:् - 640 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] “(6) एिेंसी द्वारा िारी या नवीकृत असाइनमेंट का कोई प्राजधकार, यथाजस्ट्थजत, उसके िारी या नवीकृत दकए िाने की तारीख स ेएक वर्ड की अवजध के जलए जवजधमान्य िोगा: परन्त ु एिेंसी द्वारा िारी या नवीकृत असाइनमेंट का कोई प्राजधकार, ििां एक वर् ड की अवजध की समाजप्त की तारीख 1 िनवरी से 30 िून के बीच आती ि ै तो उस वर्ड के 30 िून तक या ििां एक वर्ड की अवजध की समाजप्त की तारीख 1 िलु ाई स े31 दिसम्बर के बीच आती ि ैतो उस वर्ड के 31 दिसम्बर तक जवजधमान्य िोगा: परन्तु यि और दक यदि व्यावसाजयक सिस्ट्य इस अवजध के िौरान सत्तर वर्ड की आय ु प्राप्त कर लते ा ि ै तो असाइनमेंट के जलए प्राजधकार उस तारीख तक जवजधमान्य िोगा। रजव जमत्तल, अध्यक्ष [जवज्ञापन-III/4/असा./729/2023-24] ठटप्पण: भारतीय दिवाला और िोधन अक्षमता बोडड (आििड उप-जवजधयां और दिवाला व्यावसाजयक एिेंजसयों का िासी बोडड) जवजनयमन, 2016, भारत के रािपत्र, असाधारण, भाग III, खंड 4, स.ं 421, तारीख 22 नवम्बर, 2016 में अजधसूचना सं. आई.बी.बी.आई./2016-17/िी.एन./आर.ई.िी.001, तारीख 21 नवम्बर, 2016 द्वारा प्रकाजित दकए गए थ े और उनम ें अंजतम संिोधन भारत के रािपत्र, असाधारण, भाग 3, खडं 4, सं. 644, तारीख 18 जसतम्बर, 2023 म ें अजधसूचना सं. आई.बी.बी.आई./2023-24/िी.एन./आर.ई.िी.105, तारीख 18 जसतम्बर, 2023 द्वारा प्रकाजित भारतीय दिवाला और िोधन अक्षमता बोड ड (आििड उप-जवजधयां और दिवाला व्यावसाजयक एिेंजसयों का िासी बोडड) (संिोधन) जवजनयम, 2023 द्वारा दकया गया था । INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 31st January, 2024 Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2024 No. IBBI/2023-24/GN/REG111.— In exercise of the powers conferred by sections 196 and 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, 2024. (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, for sub-clause (6), the following sub-clause shall be substituted, namely: - “(6) An authorisation for assignment issued or renewed by the Agency shall be valid for a period of one year from the date of its issuance or renewal, as the case may be: Provided that an authorisation for assignment issued or renewed by the Agency shall be valid till 30th of June of the year where the expiry of the period of one year falls from 1st of January to 30th of June, or till 31st of December of the year where the expiry of the period of one year falls from 1st of July to 31st of December: Provided further that if the professional member attains the age of seventy years during this period, the authorisation for assignment shall be valid till such date.” RAVI MITAL, Chairperson [ADVT.-III/4/Exty./729/2023-24][भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 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, 2023 published vide Notification No. IBBI/2023-24/GN/REG105 dated 18th September 2023, in the Gazette of India, Extraordinary, Part III, Section 4, No. 644 on 18th September 2023. 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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