IBBI notify the IBBI (Insolvency Professionals) (Amendment) Regulations, 2021
The Insolvency and Bankruptcy Board of India (IBBI) has vide its Notification Dated 27th April 2021 further amended the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.
The full text of the notification is as follows:-
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 27th April 2021
Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2021
No. IBBI/2021-22/GN/REG073.- 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) (Amendment) Regulations, 2021.
(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 (Insolvency Professionals) Regulations, 2016 (hereinafter referred to as the principal regulations), in regulation 7, in sub-regulation (2), in clause (ca), after the proviso, the following proviso shall be inserted, namely:-
“Provided further that for the financial year 2020-2021, an insolvency professional shall pay the fee under this clause on or before the 30th June 2021.”
3. In the principal regulations, in regulation 13, in sub-regulation (2),
(i) in clause (b), after the proviso, the following proviso shall be inserted, namely:-
“Provided further that when an individual ceases to be its director or partner, as the case may be, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2021 and ending on the 31st December 2021, the insolvency professional entity shall inform the Board, within thirty days of such cessation;”
(ii) in clause (c), after the proviso, the following proviso shall be inserted, namely:-
“Provided further that when an individual joins as its director or partner, as the case may be, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2021 and ending on the 31st December 2021, the insolvency professional entity shall inform the Board, within thirty days of such joining;”
(iii) in clause (ca), after the proviso, the following proviso shall be inserted, namely: –
“Provided further that for the financial year 2020-2021, an insolvency professional entity shall pay the fee under this clause on or before the 30th June 2021; and”.
SUDHAKER SHUKLA, Whole-time Member
[ADVT . III/4/Exty./49/2021-22]
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;
