The Insolvency and Bankruptcy Board of India has notified Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2022 to futher amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.
The amendment inserts a new clause 26A in the First Schedule in IBBI (Insolvency Professionals) Regulations, 2016 providing that an insolvency professional must not accept /share any fees or charges from any professional and/or support service provider who are appointed under the processes.