## Report on the Insolvency and Bankruptcy Board of India Inspection and Investigation Amendment Regulations, 2022
**1. Executive Summary:**
This report analyzes the Insolvency and Bankruptcy Board of India (IBBI) Inspection and Investigation Amendment Regulations, 2022, as notified on June 14, 2022. This amendment modifies the original Insolvency and Bankruptcy Board of India Inspection and Investigation Regulations, 2017. The key changes introduced by this amendment primarily focus on streamlining investigation processes, clarifying stakeholder definitions, modifying timelines, and enhancing the Board's power to take interim actions and ensure compliance. Key findings indicate a shift towards faster resolution of complaints and grievances and a greater emphasis on protecting stakeholder interests.
**2. Introduction:**
This report aims to provide a comprehensive overview of the Insolvency and Bankruptcy Board of India Inspection and Investigation Amendment Regulations, 2022, based solely on the text of the official notification. The report analyzes the purpose, key provisions, implications, and potential impact of the amendments.
**3. Policy Overview:**
* **Original Policy Being Amended:** The Insolvency and Bankruptcy Board of India Inspection and Investigation Regulations, 2017.
* **Core Objective(s):** The amendment's core objectives, as inferred from the provided text, are to:
* Enhance the efficiency and effectiveness of the investigation process related to complaints and grievances.
* Clarify the definition of "stakeholder" for better representation and handling of their concerns.
* Strengthen the IBBI's ability to take swift action against service providers violating the Insolvency and Bankruptcy Code (IBC).
* Ensure better compliance and accountability among service providers.
**4. Background and Rationale:**
The amendment likely aims to address inefficiencies or gaps identified in the practical application of the 2017 Regulations. Specifically, the introduction of "CHAPTER IIIA INVESTIGATION DURING DISPOSAL OF COMPLAINT OR GRIEVANCE" and "CHAPTER IIIB INTERIM ORDER ON MATERIAL AVAILABLE ON RECORD" suggests a need for a more streamlined process for handling complaints and a mechanism for immediate action when violations are apparent. The change to the word "clients" to "stakeholders" show a move to be more inclusive in the reach of the regulations, and provides for a more expansive reach of those affected. Further, changes to regulation 12 related to show cause notices suggest a greater need to ensure proper service and compliance with orders.
**5. Key Provisions / Changes:**
The amendment introduces the following key changes:
* **Definition of Stakeholder:** Amends regulation 2 to include a definition of "stakeholder," aligning it with the Insolvency and Bankruptcy Board of India Grievance and Complaint Handling Procedure Regulations, 2017.
* **Impact:** This ensures consistent interpretation and application of the term "stakeholder" across different regulations, improving stakeholder representation.
* **Replacement of "clients" with "stakeholders":** Throughout the principal regulations, the word "clients" is replaced with "stakeholders."
* **Impact:** This broadens the scope of the regulations to encompass a wider range of individuals or entities affected by insolvency and bankruptcy proceedings, thus ensuring more inclusive protection.
* **Investigation During Disposal of Complaint or Grievance (Chapter IIIA):** Introduces a new Chapter (IIIA) allowing for investigation during the disposal of a complaint or grievance under the Insolvency and Bankruptcy Board of India Grievance and Complaint Handling Procedure Regulations, 2017.
* **Impact:** This creates a more efficient and integrated process for handling complaints and grievances, potentially leading to quicker resolutions.
* **Interim Order on Material Available on Record (Chapter IIIB):** Introduces a new Chapter (IIIB) allowing the Disciplinary Committee to pass an interim order based on material available on record if a violation of the IBC is suspected. Such order lapses after 90 days.
* **Impact:** This empowers the IBBI to take immediate action to prevent further harm or non-compliance.
* **Show Cause Notice Modifications:** Amends regulation 12 to include details on how service providers should respond to show cause notices and the consequences of failing to do so, and shortens the time to respond from 21 days to 15 days.
* **Impact:** This clarifies the expectations for service provider responses and ensures proper service of the notice via electronic form and registered post.
* **Disciplinary Committee Order Modifications:** The disciplinary committee will endeavor to dispose of the show cause notice within 35 days. Additionally, the Disciplinary Committee can order suspension or cancellation of authorization for assignment of an insolvency professional. Furthermore, the order must be served electronically and published on the website, with a copy sent to the insolvency professional agency (if applicable).
* **Impact:** This leads to a faster processing time, greater transparency, and stronger enforcement. The Board is also charged with informing committee of creditors if the service provider is an insolvency professional.
**6. Target Audience and Stakeholders:**
Based on the provided text, the primary target audience and stakeholders directly affected by these amendments include:
* Insolvency Professionals (IPs)
* Insolvency Professional Agencies (IPAs)
* The Insolvency and Bankruptcy Board of India (IBBI)
* Other Service Providers regulated by the IBBI.
* Stakeholders (as defined in the IBBI Grievance and Complaint Handling Procedure Regulations, 2017), encompassing a wider range of individuals and entities involved in insolvency proceedings.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Insolvency and Bankruptcy Board of India (IBBI) and its Disciplinary Committee are primarily responsible for implementing and enforcing these amended regulations.
* **Timelines:** The amendment specifies a 35-day timeline for the Disciplinary Committee to dispose of show cause notices and a 90-day expiry for interim orders.
* **Procedures:** The amendments indicate a need for establishing procedures for handling investigations initiated during complaint disposal and for issuing interim orders based on available material. Also, ensuring service providers are compliant and are served by electronic form and registered post.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these amendments include:
* **Faster Resolution of Complaints:** The integration of investigation processes with complaint handling is expected to lead to quicker resolution of grievances.
* **Improved Accountability:** The amendments will likely lead to increased accountability and compliance among service providers.
* **Enhanced Stakeholder Protection:** The broader definition of stakeholders and the emphasis on their concerns will likely result in better protection of their interests.
* **More Efficient Enforcement:** The IBBI's ability to issue interim orders and enforce compliance will likely enhance the effectiveness of the regulatory framework.
**9. Conclusion:**
The Insolvency and Bankruptcy Board of India Inspection and Investigation Amendment Regulations, 2022, represent a significant step towards streamlining investigation processes, enhancing stakeholder protection, and strengthening the IBBI's enforcement capabilities. These amendments are designed to improve the overall efficiency and effectiveness of the insolvency and bankruptcy ecosystem in India. They reflect a proactive approach to address challenges and ensure the integrity of the IBC framework.
Key Entities Referenced
Insolvency and Bankruptcy Board of India: An organization responsible for the regulation and development of insolvency and bankruptcy proceedings in India.
Insolvency and Bankruptcy Code, 2016: A law in India that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner.
Insolvency and Bankruptcy Board of India Inspection and Investigation Regulations, 2017: Regulations pertaining to inspection and investigation procedures under the Insolvency and Bankruptcy Code in India.
Insolvency and Bankruptcy Board of India Inspection and Investigation Amendment Regulations, 2022: Amendments made in 2022 to the Insolvency and Bankruptcy Board of India Inspection and Investigation Regulations, 2017.
New Delhi: The location where the notification was issued.
Insolvency and Bankruptcy Board of India Grievance and Complaint Handling Procedure Regulations, 2017: Regulations pertaining to the procedure for handling grievances and complaints by the Insolvency and Bankruptcy Board of India.
Disciplinary Committee: A committee that takes action on violations of the Insolvency and Bankruptcy Code.
Ravi Mital: Chairperson of the Insolvency and Bankruptcy Board of India.
Adjudicating Authority: Authority to which the Board intimate order to all the members of committee of creditors of the insolvency resolution processes
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 305] नई दिल्ली, मगं लवार , िनू 14, 2022/ज्य ष्े ि 24, 1944
No. 305] NEW DELHI TUESDAY, JUNE 14, 2022/JYAISTHA 24, 1944
भारतीय दिवाला और िोधन अक्षमता बोड ड
अजधसचू ना
नई दिल्ली, 14 िून, 2022
भारतीय दिवाला और िोधन अक्षमता बोडड (जनरीक्षण और अन्वषे ण) (सिं ोधन) जवजनयम, 2022
स.ं आई.बी.बी.आई./2022-23/िी.एन./आर.ई.िी.087 - भारतीय दिवाला और िोधन अक्षमता बोड,ड दिवाला
और िोधन अक्षमता संजिता, 2016 (2016 का 31) की धारा 240 के साथ पठित धारा 196, 217, 218, 219 और 220
द्वारा प्रित्त िजियों का प्रयोग करते हुए, भारतीय दिवाला और िोधन अक्षमता बोडड (जनरीक्षण और अन्वेषण) जवजनयम,
2017 का और संिोधन करने के जलए जनम्नजलजखत जवजनयम बनाता ि,ै अथाडत:् -
1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय दिवाला और िोधन अक्षमता बोडड (जनरीक्षण और अन्वेषण)
(संिोधन) जवजनयम, 2022 ि ै।
(2) य े रािपत्र म ें उनके प्रकािन की तारीख को प्रवृत्त िोंग े ।
2. भारतीय दिवाला और िोधन अक्षमता बोड ड (जनरीक्षण और अन्वेषण) जवजनयम, 2017 (जिन्ि ें इसम ें इसके पश्चात ्
मूल जवजनयम किा गया ि)ै के जवजनयम 2 म,ें उप-जवजनयम (1) म,ें
(i) खडं (ञ) म,ें “अजभप्रेत ि ै।” िब्िों के स्ट्थान पर “अजभप्रेत ि;ै और” िब्ि रख े िाएंग;े
4030 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(ii) खंड (ञ) के पश्चात,् जनम्नजलजखत खंड अंतःस्ट्थाजपत दकया िाएगा, अथाडत:् -
“(ट) “जितधारक” स े भारतीय दिवाला और िोधन अक्षमता बोडड (जिकायत और पठरवाि जनवारण प्रदिया)
जवजनयम, 2017 के जवजनयम 2 के उप-जवजनयम (1) के खडं (ञ) म ेंयथा-पठरभाजषत जितधारक अजभप्रेत ि ै।”
3. मूल जवजनयमों म,ें “ग्रािकों” िब्ि के स्ट्थान पर, ििां-ििां वि आता ि,ै “जितधारकों” िब्ि रखा िाएगा ।
4. मूल जवजनयमों के जवजनयम 10 म,ें -
(i) उप-जवजनयम (1) म,ें “प्रारूप अन्वेषण ठरपोट ड की एक प्रजत” िब्िों के स्ट्थान पर “अन्वेषण ठरपोट”ड िब्ि रख े
िाएंगे;
(ii) उप-जवजनयम (2) म,ें “प्रारूप” िब्ि का, ििां ििां वि आता ि,ै लोप दकया िाएगा ।
5. मूल जवजनयमों म,ें अध्याय 3 के पश्चात,् जनम्नजलजखत अध्याय अतं ःस्ट्थाजपत दकए िाएंग,े अथाडत:्-
“अध्याय 3-क
पठरवाि या जिकायत के जनपटान के िौरान अन्वषे ण
10क. पठरवाि या जिकायत के जनपटान के िौरान अन्वषे ण
अध्याय 3 म ें दकसी बात के िोते हुए भी, भारतीय दिवाला और िोधन अक्षमता बोडड (जिकायत और पठरवाि
जनवारण प्रदिया) जवजनयम, 2017 के अधीन दकसी पठरवाि या जिकायत या अजभलेख पर उपलब्ध सामग्री के प्रिमण स े
इस जवजनयम के अधीन अन्वेषण अजभप्रेत िोगा और ऐसी ििा म,ें प्रिमण कागज़पत्रों स े जवजनयम 10 के अधीन अन्वेषण
ठरपोट ड अजभप्रेत िोगा:
परन्त ु इस जवजनयम म ें की कोई बात बोड ड को, अध्याय 2 के अधीन कोई जनरीक्षण प्राजधकारी या अध्याय 3 के
अधीन कोई अन्वेषक प्राजधकारी जनयुि करन े स े जनबंजधत निीं करेगी ।
अध्याय 3-ख
अजभलखे पर उपलब्ध सामग्री के आधार पर अतं ठरम आिेि
10ख. अजभलखे पर उपलब्ध सामग्री के आधार पर अतं ठरम आिेि
(1) यदि बोडड का, अजभलेख पर उपलब्ध सामग्री के आधार पर यि समाधान िो िाता ि ै दक सेवा प्रिाता द्वारा
संजिता या उसके अधीन बनाए गए जनयमों या जवजनयमों के उपबंधों का कोई प्रथमिष्टृ या अजतिमण दकया गया ि ै और
धारा 220 की उपधारा (2) के अधीन कोई तुरंत कारडवाई की िानी आवश्यक ि ैतो बोड ड मामल े को उजचत कारडवाई के जलए
अनुिासजनक सजमजत को जनिेजित करेगा ।
(2) अनुिासजनक सजमजत, उप-जवजनयम (1) के अधीन जनिेजित मामले पर जवचार करन े के पश्चात,् उजचत जनिेिों
के साथ अतं ठरम आिेि पाठरत कर सकेगी ।
(3) उप-जवजनयम (2) म ें जनर्िष्टड अंतठरम आिेि, आिेि की तारीख स े 90 दिन के अवसान पर व्यपगत िो
िाएगा।”
6. मूल जवजनयमों के जवजनयम 11 के उप-जवजनयम (2) म,ें “उप-जवजनयम (1) के अधीन ठरपोटड पर जवचार करने के
पश्चात”् िब्िों के पश्चात ्“या अजभलेख पर अन्यथा उपलब्ध सामग्री के आधार पर” िब्ि अतं ःस्ट्थाजपत दकए िाएगं े ।
7. मूल जवजनयमों के जवजनयम 12 के उप-जवजनयम (1) म ें–
(i) खंड (घ) के स्ट्थान पर, जनम्नजलजखत खडं रखा िाएगा, अथातड ्:-[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
“(घ) अजभकजथत रूप स े अजतिमण दकए गए संजिता के उपबंधों, उसके अधीन बनाए गए जनयमों, जवजनयमों और
दििाजनिेिों का या उस रीजत का, जिसम ें लोक जित पर अजभकजथत रूप स ेप्रजतकूल प्रभाव पडा ि;ै” ।
(ii) खंड (ङ) म,ें “और” िब्ि का लोप दकया िाएगा ।
(iii) खंड (च) के पश्चात,् जनम्नजलजखत खडं अंतःस्ट्थाजपत दकए िाएंगे, अथाडत:् -
“(छ) इस रीजत का, जिसम ें सेवा प्रिाता स े कारण बताओं सूचना का प्रत्युत्तर िने े की अपेक्षा ि;ै और
(ि) कारण बताओ सूचना का प्रत्युत्तर िेने म ेंअसफल िोन े के पठरणामों का”
8. मलू जवजनयमों के जवजनयम 12 के उप-जवजनयम (3) म,ें “कम स े कम 21” िब्िों के स्ट्थान पर “पन्रि” िब्ि रखा िाएगा ।
9. मलू जवजनयमों के जवजनयम 12 म,ें उप-जवजनयम (6) के स्ट्थान पर, जनम्नजलजखत उप-जवजनयम रखा िाएगा, अथाडत:् -
“(6) कारण बताओं सूचना की सेवा प्रिाता को तामील इलैक्ट्राजनक रूप म ें सेवा प्रिाता द्वारा बोडड को दिए गए
ईमेल पते पर की िाएगी और एक प्रजत रजिस्ट्री डाक द्वारा भी भेिी िाएगी ।”
10. मूल जवजनयमों के जवजनयम 13 म,ें उप-जवजनयम (2) के स्ट्थान पर, जनम्नजलजखत रखा िाएगा, अथाडत:् -
“(2) अनुिासजनक सजमजत, कारण बताओ सूचना िारी दकए िाने की तारीख स े पैंतीस दिन की अवजध के भीतर
कारण बताओ सूचना का जनपटारा करन े का प्रयत्न करेगी ।”
11. मूल जवजनयमों के जवजनयम 13 के उप-जवजनयम (3) म,ें खंड (ख) के पश्चात,् जनम्नजलजखत खडं अंतःस्ट्थाजपत दकया
िाएगा, अथाडत:् -
“(खक) दकसी दिवाला व्यावसाजयक के असाइनमेंट के जलए प्राजधकार-पत्र का जनलंबन या रद्दकरण”
12. मूल जवजनयमों के जवजनयम 13 म,ें उप-जवजनयम (5) के स्ट्थान पर, जनम्नजलजखत उप-जवजनयम रखा िाएगा,
अथाडत:् -
“(5) उप-जवजनयम (1) के अधीन पाठरत आिेि की सेवा प्रिाता पर तामील दकसी इलैक्ट्राजनक रूप म ें की िाएगी और उस े
बोडड की वैबसाइट पर प्रकाजित दकया िाएगा:
परन्त ु ििां सेवा प्रिाता एक दिवाला व्यावसाजयक ि ै विां आििे की प्रजत उस दिवाला व्यावसाजयक एिेंसी को भेिी
िाएगी, जिसका वि व्यावसाजयक सिस्ट्य ि।ै ”
13. मूल जवजनयमों के जवजनयम 13 म,ें उप-जवजनयम (6) के स्ट्थान पर, जनम्नजलजखत
उप-जवजनयम रखे िाएंग,े अथातड ्:-
“(6) अनुिासजनक सजमजत, उप-जवजनयम (1) के अधीन पाठरत आिेि म,ें सेवा प्रिाता स,े –
(क) लंजबत बाध्यताओं का, यदि कोई ि,ैं जनवडिन करन;े
(ख) उस समय तक, िो वि जनदिष्ट करे, केवल जितधारकों को दकसी अन्य सेवा प्रिाता म ें अतं ठरत िोने म ें
समथड करन े के जलए, अपने कृत्य िारी रखन;े और
(ग) दकन्िीं अन्य जनिेिों का अनुपालन करन,े
की अपेक्षा करेगी ।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(7) ऐसी ििा म,ें ििां सेवा प्रिाता एक दिवाला व्यावसाजयक ि ै विा ं बोडड आिेि की सचू ना, उन दिवाला
समाधान प्रदियाओं की, जिनमें वि यथास्ट्थाजत, अंतठरम समाधान व्यावसाजयक या समाधान व्यावसाजयक के रूप म ें काय ड
कर रिा ि,ै लेनिारों की सजमजत के सभी सिस्ट्यों और न्यायजनणाडयक प्राजधकारी को िेगा ।”
रजव जमत्तल, अध्यक्ष
[जवज्ञापन III/4/असा./124/2022-23]
ठटप्पण: भारतीय दिवाला और िोधन अक्षमता बोड ड (जनरीक्षण और अन्वेषण) जवजनयम, 2017, भारत के रािपत्र,
असाधारण, भाग 3, खंड 4 स.ं 239, तारीख 12 िून, 2017 म ें अजधसूचना स.ं आई.बी.बी.आई./2017-
18/िी.एन./आर.ई.िी.011 द्वारा तारीख 12 िून, 2017 को प्रकाजित दकए गए थे ।
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 14th June, 2022
Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022
No. IBBI/2022-23/GN/REG087.- In exercise of the powers conferred under sections 196, 217, 218, 219, 220
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 (Inspection and Investigation) Regulations, 2017, namely: -
1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Inspection and Investigation)
(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 (Inspection and Investigation) Regulations, 2017 (hereinafter
referred to as ‘the principal regulations’), in regulation 2, in sub- regulation (1),
(i) in clause (i), the word “and” shall be omitted.
(ii) in clause (j), after the word “information utility” the mark “.” shall be replaced with mark and word “; and”.
(iii) after clause (j), the following clause shall be inserted, namely: -
“(k) “stakeholder” means a stakeholder as defined in clause (j) of sub-regulation (1) of regulation 2 of the
Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations,
2017.”
3. In the principal regulations, for the word “clients”, wherever it occurs, the word “stakeholders” shall be substituted.
4. In the principal regulations, in regulation 10,
(i) in sub-regulation (1), for the words “a copy of the draft investigation report” the words “the investigation
report” shall be substituted;
(ii) in sub-regulation (2) the word “draft” wherever it occurs shall be omitted.
5. In the principal regulations, after CHAPTER III, the following chapters shall be inserted, namely: -
“CHAPTER III-A
INVESTIGATION DURING DISPOSAL OF COMPLAINT OR GRIEVANCE
10A. Investigation during disposal of complaint or grievance.
Notwithstanding anything contained in Chapter III, the processing of a complaint or grievance or material available on
record under the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure)
Regulations, 2017, shall mean investigation under this regulation and in such case the processing papers shall mean
the investigation report under regulation 10:[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5
Provided that nothing in this regulation shall restrict the Board to appoint an inspecting authority under Chapter-II
or an investigating authority under Chapter-III.”
CHAPTER III-B
INTERIM ORDER ON MATERIAL AVAILABLE ON RECORD
10B. Interim order on material available on record.
(1) If based on material available on record, the Board is satisfied that prima facie, there is a violation of the
provisions of the Code or the rules or regulations made thereunder by the service provider, and an immediate action
under sub-section (2) of section 220 is warranted, the Board shall refer the matter to the Disciplinary Committee for an
appropriate action.
(2) On consideration of the matter referred under sub-regulation (1), the Disciplinary Committee may pass an interim
order with appropriate directions.
(3) The interim order referred to sub-regulation (2) shall lapse on expiry of ninety days from the date of the order.”
6. In the principal regulations, in regulation 11, in sub-regulation (2), after the words “sub-regulation (1),” the words,
“or on the basis of material otherwise available on record” shall be inserted.
7. In the principal regulations, in regulation 12, in sub-regulation (1) -
(i) for clause (d), the following clause shall be substituted, namely: -
“(d) the provisions of the Code, rules, regulations and guidelines thereunder allegedly violated, or the
manner in which the public interest is allegedly affected;”.
(ii) in clause (e), the word, “and” shall be omitted.
(iii) after clause (f), the following clauses shall be inserted, namely:-
“(g) the manner in which service provider is required to respond to the show cause notice; and
(h) consequences of failure to respond to the show-cause notice.”
8. In the principal regulations, in regulation 12, in sub-regulation (3) for the words and figures “at least 21”, the words
“fifteen” shall be substituted.
9. In the principal regulations, in regulation 12, for sub-regulation (6), the following sub-regulation shall be
substituted, namely: –
“(6) A show-cause notice shall be served on the service provider in electronic form at the email address provided
by the service provider to the Board and a copy shall also be sent by registered post.”
10. In the principal regulations, in regulation 13, for sub-regulation (2), the following shall be substituted:
“(2) The Disciplinary Committee shall endeavour to dispose of the show-cause notice within a period of thirty-five
days of the date of the issuance of the show-cause notice.”
11. In the principal regulations, in regulation 13, in sub-regulation (3), after clause (b), the following clause shall be
inserted, namely: -
“(ba) suspension or cancellation of authorisation for assignment of an insolvency professional;”
12. In the principal regulations, in regulation 13, for the sub-regulation (5), the following sub-regulation shall be
substituted, namely: –
“(5) The order passed under sub-regulation (1) shall be served upon the service provider in an electronic form and
be published on the website of the Board:
Provided that where the service provider is an insolvency professional, a copy of the order shall be sent to the
insolvency professional agency of which he is a professional member.”
13. In the principal regulations, in regulation 13, for the sub-regulation (6), the following sub-regulations shall be
substituted, namely: –
“(6) The Disciplinary Committee shall in the order passed under sub-regulation (1) require the service provider-
(a) to discharge pending obligations, if any;
(b) to continue its functions till such time as may be directed, only to enable stakeholders to shift to another
service provider; and
(c) to comply with any other directions.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(7) In case where the service provider is an insolvency professional, the Board shall intimate the order to all the
members of committee of creditors of the insolvency resolution processes in which he is acting as an interim
resolution professional or resolution professional, as the case may be, and to the Adjudicating Authority.”
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./124/2022-23]
Note: The Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 were
published vide notification No. IBBI/2017-18/GN/REG011 on 12th June, 2017 in the Gazette of India,
Extraordinary, Part III, Section 4, No. 239 dated 12th June, 2017.
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.