Home› India› Insolvency and Bankruptcy Board of India› In exercise of the powers conferred under sections 196, 217 ...
Date: 29-Jan-2025 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred under sections 196, 217 read with section 240 of the Insolvency and Bankruptcy Code

Issued by Insolvency and Bankruptcy Board of India · Not Applicable

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

Key Changes

  • The original text stated that the period for grievance resolution should not exceed 30 days.
  • The amendment modifies the proviso to sub-regulation (4) of regulation 3 of the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017.
  • The amended text specifies that the 30-day period will now be calculated from the date of closure of all proceedings related to the process under the Code before the Adjudicating Authority, the Appellate Authority, the High Court, or the Supreme Court, as applicable.

What it means

  • The gazette notification pertains to the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2025. It amends the 2017 regulations concerning grievance and complaint handling procedures under the Insolvency and Bankruptcy Code, 2016.

Impact Analysis

Stakeholders Affected

  • Other stakeholders involved in the insolvency resolution process

Impact

  • It could reduce the burden on the IBBI to address grievances while related matters are sub judice.

Suggested Action Items

  • Legal department to update standard operating procedures and legal advice to reflect the change.

Key Entities Referenced

Insolvency and Bankruptcy Board of India (IBBI): The regulatory body responsible for implementing and overseeing the Insolvency and Bankruptcy Code, 2016 in India. Insolvency and Bankruptcy Code, 2016: The primary legislation governing insolvency and bankruptcy proceedings in India. Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017: The regulations outlining the procedures for handling grievances and complaints related to the insolvency resolution process. Adjudicating Authority: The National Company Law Tribunal (NCLT) is the Adjudicating Authority for corporate insolvency resolution process. Appellate Authority: The National Company Law Appellate Tribunal (NCLAT) is the Appellate Authority. High Court: The High Court of the relevant jurisdiction. Supreme Court: The Supreme Court of India.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-29012025-260597 xxxGIDHxxx CG-DL-E-29012025-260597 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 80] नई दिल्ली, बुधवार, िनवरी 29, 2025/माघ 9, 1946 No. 80] NEW DELHI, WEDNESDAY, JANUARY 29, 2025/MAGHA 9, 1946 भारतीय दिवाला और िोधन अक्षमता बोड ड अजधसचू ना नई दिल्ली, 28 िनवरी, 2025 भारतीय दिवाला और िोधन अक्षमता बोडड (जिकायत और पररवाि जनवारण प्रदिया) (सिं ोधन) जवजनयम, 2025 फा. स.ं आई.बी.बी.आई./2024-25/िी.एन./आर.ई.िी.119.—भारतीय दिवाला और िोधन अक्षमता बोडड, दिवाला और िोधन अक्षमता सजं िता, 2016 (2016 का 31) की धारा 240 के साथ परित धारा 196 और धारा 217 द्वारा प्रित्त िजियों का प्रयोग करत े हुए, भारतीय दिवाला और िोधन अक्षमता बोड ड (जिकायत और पररवाि जनवारण प्रदिया) जवजनयम, 2017 का और संिोधन करने के जलए जनम्नजलजखत जवजनयम बनाता िै, अथातड ्: - 1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय दिवाला और िोधन अक्षमता बोड ड (जिकायत और पररवाि जनवारण प्रदिया) (संिोधन) जवजनयम, 2025 ि ै। (2) य ेरािपत्र म ेंप्रकािन की तारीख को प्रवृत्त िोंग े । 2. भारतीय दिवाला और िोधन अक्षमता बोडड (जिकायत और पररवाि जनवारण प्रदिया) जवजनयम, 2017) के जवजनयम 3 के उप-जवजनयम (4) के परन्तुक में “ऐसी अवजध 30 दिन से अजधक निीं िोगी” िब्िों के स्ट्थान पर जनम्नजलजखत िब्ि स्ट्थाजपत दकए िाएगं े, अथाडत;् - 743 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] “ऐसी अवजध, यथाजस्ट्थजत, न्यायजनणाडयक प्राजधकारी, अपील प्राजधकारी, उच् च न्यायालय या उच् चतम न्यायालय के समक्ष संजिता के अधीन प्रदिया से संबंजधत समस्ट्त कायडवाजियों के बन्ि दकए िाने की तारीख से तीस दिन स ेअजधक निीं िोगी” रजव जमत्तल, अध्यक्ष [जवज्ञापन-III/4/असा./937/2024-25] रिप्पण: भारतीय दिवाला और िोधन अक्षमता बोड ड (जिकायत और पररवाि जनवारण प्रदिया) जवजनयम, 2017, भारत के रािपत्र, असाधारण, भाग II, खंड 4 सं. 461, तारीख 7 दिसम्बर, 2017 म ेंअजधसूचना सं. आई.बी.बी.आई./2017- 18/िी.एन./आर.ई.िी./21, तारीख 7 दिसम्बर, 2017 द्वारा प्रकाजित दकए गए थे और उनमें अंजतम संिोधन भारत से रािपत्र, असाधारण, भाग II, खंड 4, स.ं 304, तारीख 14 िनू , 2022 में अजधसूचना सं. आई.बी.बी.आई./2022- 23/िी.एन./आर.ई.िी.086, तारीख 14 िून, 2022 द्वारा प्रकाजित भारतीय दिवाला और िोधन अक्षमता बोड ड (जिकायत और पररवाि जनवारण प्रदिया) (संिोधन) जवजनयम, 2022 द्वारा दकए गए थ े। INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 28th January, 2025 Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2025. F. No. IBBI/2024-25/GN/REG119.—In exercise of the powers conferred under sections 196, 217 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 (Grievance and Complaint Handling Procedure) Regulations, 2017, namely: - 1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2025. (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 (Grievance and Complaint Handling Procedure) Regulations, 2017, in regulation 3, in sub-regulation (4), in the proviso, for the figure and word “30 days”, the following words shall be substituted, namely: - “thirty days from the date of closure of all proceedings related to the process under the Code before the Adjudicating Authority, the Appellate Authority, the High Court, or the Supreme Court, as the case may be” RAVI MITAL, Chairperson [ADVT.-III/4/Exty./937/2024-25] Note: The Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 were published vide Notification No. IBBI/2017-18/GN/REG/21 dated 06th December, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 461 dated 07th December, 2017 and were last amended by the IBBI (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022 published vide Notification No. IBBI/2022-23/GN/REG086, dated the 14th June 2022 in the Gazette of India, Extraordinary, Part III, Section 4, No. 304 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.

Continue your research

Related Documents from Insolvency and Bankruptcy Board of India