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Date: 13-Aug-2024 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred under sections 196, 217, 218, 219, 220 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

What it means

  • This gazette notification announces the Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2024. These regulations amend the existing Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017.

Key Changes

  • The key change is an extension of the time allowed for responding to a show-cause notice. The original regulations provided 35 days from the issuance of the notice. The amendment increases this to 60 days from the due date for receipt of the reply.

Impact Analysis

Impact on Businesses Undergoing Inspection/Investigation

  • Businesses facing inspection or investigation under the Insolvency and Bankruptcy Code, 2016 will have an extended timeframe to respond to show-cause notices. This provides more time to gather information and prepare a response, potentially reducing the risk of penalties for late responses.

Impact on the Insolvency and Bankruptcy Board of India (IBBI)

  • The IBBI will need to adjust its internal processes to accommodate the extended response timeframe. This might involve adjustments to scheduling and case management.

Impact on Legal Professionals

  • Legal professionals representing businesses under investigation will have more time to prepare and submit their responses. This could potentially lead to more thorough and effective responses.

Suggested Action Items

  • The IBBI should update its internal guidelines and training materials to reflect the amended regulations. Businesses should be aware of the extended deadline and plan their responses accordingly. Legal professionals should advise their clients on the implications of the amended regulations.

Key Entities Referenced

Insolvency and Bankruptcy Board of India (IBBI): The regulatory body responsible for overseeing the insolvency and bankruptcy process in India. This notification originates from the IBBI and amends its own regulations. Insolvency and Bankruptcy Code, 2016 (IBC): The primary legislation governing insolvency and bankruptcy proceedings in India. The amendment regulations derive their power from sections 196, 217, 218, 219, 220, and 240 of the IBC. Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017: The regulations amended by this notification. These regulations detail the procedures for inspections and investigations conducted by the IBBI. Gazette of India, Extraordinary, Part III, Section 4: The official publication where the notification was published.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-16082024-256399 xxxGIDHxxx CG-DL-E-16082024-256399 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 617] नई दिल्ली मगं लवार, अगस्ट्त 13, 2024/श्रावण 22, 1946 No. 617] NEW DELHI, TUESDAY, AUGUST 13 2024/SHRAVANA 22, 1946 भारतीय दिवाला और िोधन अक्षमता बोड ड अजधसचू ना नई दिल्ली, 13 अगस्ट् त, 2024 भारतीय दिवाला और िोधन अक्षमता बोडड (जनरीक्षण और अन्वषे ण) (सिं ोधन) जवजनयम, 2024 स.ं आई.बी.बी.आई./2024-25/िी.एन./आर.ई.िी.115.—भारतीय दिवाला और िोधन अक्षमता बोडड, 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, 2024 ि ै। (2) य ेरािपत्र में उनके प्रकािन की तारीख को प्रवृत्त िोंग े। 2. भारतीय दिवाला और िोधन अक्षमता बोडड (जनरीक्षण और अन्वेषण) जवजनयम, 2017 के जवजनयम 13 के उप- जवजनयम (2) में, “कारण बताओ सूचना िारी दकए िाने की तारीख से पैंतीस दिन” िब्िों के स्ट्थान पर “कारण बताओ सूचना का उत्तर प्राप्त करन े की जनयत तारीख से साि दिन” िब्ि रख ेिाएंगे । रजव जमत्तल, अध्यक्ष [जवज्ञापन-III/4/असा./386/2024-25] 5141 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] ठिप्पण: भारतीय दिवाला और िोधन अक्षमता बोड ड (जनरीक्षण और अन्वेषण) जवजनयम, 2017, भारत के रािपत्र, असाधारण, भाग III, खंड 4 सं. 239, तारीख 12 िून, 2017 में अजधसूचना सं. आई.बी.बी.आई./2017- 18/िी.एन./आर.ई.िी.011 द्वारा तारीख 12 िून, 2017 को प्रकाजित दकए गए थे और उनमें अंजतम संिोधन भारत के रािपत्र, असाधारण, भाग 3, खडं 4 सं. 305, तारीख 14 िनू , 2022 म ें अजधसूचना सं. आई.बी.बी.आई./2022-23/िी.एन./आर.ई.िी.087, तारीख 14 िून, 2022 द्वारा प्रकाजित भारतीय दिवाला और िोधन अक्षमता बोडड (जनरीक्षण और अन्वेषण) (सिं ोधन) जवजनयम, 2022 द्वारा दकया गया था । INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 13th August, 2024 Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2024 No. IBBI/2024-25/GN/REG115.—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, 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 (Inspection and Investigation) Regulations, 2017, in regulation 13, in sub-regulation (2), for the words “thirty-five days of the date of the issuance of the show-cause notice”, the words “sixty days from the due date for receipt of reply to the show-cause notice” shall be substituted. RAVI MITAL, Chairperson [ADVT.-III/4/Exty./386/2024-25] 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 and were last amended by the Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022 published vide Notification No. IBBI/2022-23/GN/REG/087, dated the 14th June, 2022 in the Gazette of India, Extraordinary, Part III, Section 4, No. 305 on 14th June, 2022. 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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