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TMI BlogInsolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022X X X X Extracts X X X X X X X X Extracts X X X X ..... Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 , namely:- 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second 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 (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (hereinafter referred to as the principal regulations ), sub-re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mber Perm- anent account number (PAN) Relationship with Interim resolution professional /resolution professional Other professional (registered valuer /accountant /advocate/ any other professional) Corporate debtor Name of financial creditor (s) Interim finance prov- ider (s) Name of pros- pective resolution appli- cant(s) Interim resolution professional / resolution professional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l has been made at arm s length relationship. (ii) after clause 23A, the following explanation shall be inserted, namely:- Explanation .- A disciplinary proceeding shall be considered as pending against the professional member from the date he has been issued a show cause notice by the Agency or the Board, as the case may be, till its disposal by the Disciplinary Committee of the Agency or the Board, as the case may be. (iii) in clause 24, in sub-clause (2), for item (d), the following shall be substituted, namely:- (d) imposition of monetary penalty as per Table below: Sl. No. Contravention Monetary Penalty 1. Fails to submit di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver is higher, subject to a minimum ₹ 1,00,000. 7. Fails to appoint registered valuers, wherever required, under the Code or Regulations made thereunder, for conducting valuation. Up to ₹ 2,00,000 or 25% of fee, whichever is higher, subject to a minimum ₹ 1,00,000. 8. Fails to supply the information called for or to comply with the requirements of information sought by the Agency, Board, Adjudicating Authority or the Appellate Authority or does not cooperate with the inspection or investigating authority. Up to ₹ 1,00,000 or 25% of fee, whichever is higher, subject to a minimum ₹ 50,000. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /2022-23] Note: The Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 were published vide notification No. IBBI/2016-17/GN/REG001 dated 21st November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 421 on 22 nd November, 2016 and were last amended by the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2022 published vide notification No. IBBI/2022-23/GN/REG100 in the Gazette of India, Extraordinary, Part III, Section 4, No. 483 on dated 3rd October, 2022. - Notification Tax Management India - taxmanagementindia - taxmanagement - tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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