The Insolvency and Bankruptcy Board of India has notified with effect from 22nd July 2021, the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Third Amendment) Regulations, 2021 to amend the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016.
The Regulation amends clause 24(5) in the schedule in which the Agency shall promptly realize the monetary penalty imposed by the Disciplinary Committee and credit the same to the Fund constituted under section 222 of the Code.
Under the regulation, a company shall submit to the Board its bye-laws along with the application for its registration as an insolvency professional agency.
*Tanvi Singh, Editorial Assistant has reported this brief.