Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019

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..... r 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, 2019. (2) They shall come into force on the date of 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 2, in sub-regulation (1), for clause (a) , the following clauses shall be substituted, namely:- (a) assignment means any assignment of an insolvency professional as interim resolution professional, resol .....

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..... namely: - (1) An insolvency professional agency shall inform the Board when it- (a) issues or renews an authorisation for assignment; (b) suspends or cancels an authorisation for assignment; (c) revokes the suspension of an authorisation for assignment; or (d) accepts the surrender of an authorisation for assignment, within one working day of taking such action. . 6. In the principal regulations , in regulation 11, in sub-regulation (8), after clause (b), the following clause shall be inserted, namely: - (ba) suspension or cancellation of authorisation for assignment; . 7. In the principal regulations, in the First Schedule, - (a) after claus .....

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..... assigned to it in clause (24A) of section 5, but does not include an insolvency professional entity of which the insolvency professional is a partner or director. . Dr. M. S. Sahoo Chairperson [ADVT . - ________] 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 .....

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