IBBI Amends Model Bye-Laws Regulations For Insolvency Professional Agencies

The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 ("Model Bye laws Regulations") for a second time vide Gazette notification dated 31.10.2022. The Model Bye Laws Regulations lay down the governance structure and provides for model bye laws of the Insolvency Professional Agencies (IPA). The IBBI had issued three circulars, namely, (i) Circular No. IP/005/2018 dated...

COC To Function As Stakeholder's Consultation Committee For First 60 Days: IBBI Amends Liquidation Process Regulations

The Insolvency and Bankruptcy Board of India ("IBBI") on 16.09.2022 has notified amendments to the IBBI (Voluntary Liquidation Process) Regulations, 2016 ("Voluntary Liquidation Regulations") and IBBI (Liquidation Process) Regulations, 2016 ("Liquidation Regulations") for a second time. These amended Regulations have come into force on 16.09.2022. Detailed Overview In exercise of the powers conferred by Section 196(1)(t) read with Section 240 of the Insolvency and Bankruptcy Code,...

RP And COC Can Request Resolution Plan For A Second Time; IBBI Notification

The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations") for a fourth time and has notified the amendment on 16.09.2022. The amended CIRP Regulations have been introduced by the IBBI in exercise of the powers conferred by clause (t) of sub-section (1) of Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016). These regulations may be called...

IBBI Notifies Second Amendment To Insolvency Professional Regulations

The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Insolvency Professionals) Regulations, 2016 ("IP Regulations") for a second time and has notified the amendment on 13.09.2022. The amendment has added Clause 26A to the IP Regulations which states that an Insolvency Professional shall not accept /share any fees or charges from any professional and/or support service provider who are appointed under the processes. Detailed Overview In exercise of the powers...

Fee Payable To Insolvency Professional ; IBBI Notifies Third Amendment To CIRP Regulations

The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations") for a third time and has notified the amendment on 13.09.2022. The amendment has introduced Clause 34B and Schedule II to the CIRP Regulations which have brought about the following changes: The fee of the interim resolution professional or the resolution professional, appointed on or after 1st October 2022 shall be...

IBBI Suspends Deloitte Partner's IP Registration For 3 Years And Imposes Penalty

The Disciplinary Committee of the Insolvency and Bankruptcy Board of India ("IBBI") has suspended the registration of Insolvency Professional, Mr. Savan Godiawala, for a period of three years and has also imposed a penalty of amount equivalent to payments made to Deloitte Touche Tohmatsu India LLP after 23.07.2019 till now. Brief Background Mr. Savan Godiawala is a Professional Member of Indian Institute of Insolvency Professionals of ICAI (IIIP-ICAI) and an Insolvency Professional...

Shri.Jayanti Prasad Takes Charge As Whole-Time Member Of IBBI

The Insolvency and Bankruptcy Board of India ("IBBI") on 05.07.2022 has issued a press release stating that Shri.Jayanti Prasad has taken charge as whole-time Member of Insolvency and Bankruptcy Board of India in New Delhi. He belongs to 1986 batch Indian Audit and Accounts Service officer, superannuated as Deputy Comptroller & Auditor General (Human Resources and International Relations). Before joining IBBI, he had accomplished thirty-five years of experience in the civil...

IBBI Notifies Amendments To Insolvency Professional Regulations

The Insolvency and Bankruptcy Board of India ("IBBI") vide a notification dated 04.07.2022 in the Gazette of India (Extraordinary) has notified amendments to the IBBI (Insolvency Professionals) Regulations, 2016. These amendments have come into force on 04.07.2022. The following clauses have been inserted in the Insolvency Professional Regulations: Clause 8B: Insolvency professional shall disclose his relationship, if any, with the corporate debtor, other professionals engaged by...

CIRP Conducted In A "Brazen Manner": IBBI Suspends Insolvency Professional For Three Years

The Disciplinary Committee of the Insolvency and Bankruptcy Board of India ("IBBI"), while adjudicating a Show Cause Notice dated 08.04.2022 in the matter of Mr. Partha Sarathy Sarkar (Insolvency Professional), has suspended the Insolvency Professional for a period of three years for acting in contravention of the Insolvency and Bankruptcy Code, 2016 ("IBC") and the IBBI (Insolvency Resolution process for Corporate Persons) Regulations, 2016 ("CIRP Regulations"). The specific violations...

IBBI Suspends Insolvency Professional For Violation Of Code Of Conduct

The Disciplinary Committee of the Insolvency and Bankruptcy Board of India ("IBBI"), while adjudicating a Show Cause Notice in the matter of Mr. Kedarram Ramratan Laddha (Insolvency Professional), has suspended the Insolvency Professional for a period of one year for accepting assignment as an Interim Resolution Professional without having a valid Authorisation for Assignment ("AFA") and while disciplinary proceedings were pending against him. The Order was passed on 24.06.2022. Brief...

IBBI Amends Its Regulations On Information Utilities

The Insolvency and Bankruptcy Board of India has introduced second round of amendments to the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 ("Information Utility Regulations") vide a notification dated 14.06.2022, bearing No. IBBI/2022-23/GN/REG085, in order to improve the availability of information. These amendments have come into force on 14.06.2022. The Information Utility Regulations were first published on 31.03.2017 in the Gazette of India...

IBBI Rescinds Its Previous Circulars

The Insolvency and Bankruptcy Board of India (IBBI) vide its circular dated 23.05.2022 has rescinded various earlier circulars issued by IBBI by exercising its power under Section 196 of the Insolvency and Bankruptcy Code, 2016. As per circular dated 23.05.2022, IBBI conducted an exercise of review of its circulars and withdrew its earlier circulars as these circulars are no longer required due to incorporation of those changes in the IBBI (Insolvency Resolution Process for Corporate...