{"id":217356,"date":"2019-07-25T18:00:46","date_gmt":"2019-07-25T12:30:46","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=217356"},"modified":"2019-07-26T10:39:08","modified_gmt":"2019-07-26T05:09:08","slug":"ibbi-amends-regulations-for-insolvency-professionals-authorisation-for-assignment-made-mandatory","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/25\/ibbi-amends-regulations-for-insolvency-professionals-authorisation-for-assignment-made-mandatory\/","title":{"rendered":"IBBI amends Regulations for Insolvency Professionals | &#8216;Authorisation for Assignment&#8217; made mandatory"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #ff0000;\">The IBBI amends (i) the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, and (ii) the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #008000;\">The Insolvency and Bankruptcy Board India (IBBI) notified the following regulations:<\/span><\/p>\n<p style=\"text-align: justify;\">(i) the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019, and<\/p>\n<p style=\"text-align: justify;\">(ii) the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #008000;\">The salient amendments effected by the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019 are:<\/span><\/p>\n<p style=\"text-align: justify;\">(a) An insolvency professional shall not accept or undertake any assignment as interim resolution professional, resolution professional, liquidator, bankruptcy trustee, authorised representative or in any other role under the Insolvency and Bankruptcy Code, 2016 unless he holds an \u2018<strong>Authorisation for Assignment<\/strong>\u2019 issued by his Insolvency Professional Agency. This is effective from 01-01-2020.<\/p>\n<p style=\"text-align: justify;\">(b) An insolvency professional shall not engage in any employment when he holds an Authorisation for Assignment or when he is undertaking an assignment. This would enable an individual to seek registration as an insolvency professional even when he is in employment. He must, however, discontinue employment when he wishes to have an Authorisation for Assignment. He may surrender Authorisation for Assignment when he wishes to take up employment.<\/p>\n<p style=\"text-align: justify;\">(c) Where an insolvency professional has conducted a corporate insolvency resolution process, he and his relatives shall not accept any employment, other than an employment secured through open competitive recruitment, with, or render professional services, other than services under the Code to a creditor having more than ten percent voting power, the successful resolution applicant, the corporate debtor or any of their related parties, until a period of one year has elapsed from the date of his cessation from such process.<\/p>\n<p style=\"text-align: justify;\">(d) An insolvency professional shall not engage or appoint any of his relatives or related parties, for or in connection with any work relating to any of his assignment.<\/p>\n<p style=\"text-align: justify;\">3. The salient amendments effected by the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019 are:<\/p>\n<p style=\"text-align: justify;\">(a) An Insolvency Professional Agency shall issue\/renew an Authorisation for Assignment to insolvency professionals in accordance with its Bye-laws.<\/p>\n<p style=\"text-align: justify;\">(b) Subject to meeting other requirements, an insolvency professional shall be eligible to obtain an Authorisation of Assignment if he has not attained the age of seventy years.<\/p>\n<p style=\"text-align: justify;\">(c) Subject to meeting other requirements, an individual may serve as an independent director on the Governing Board of an Insolvency Professional Agency up to the age of seventy-five years.<\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><strong>[Press Release dt. 23-07-2019]<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>IBBI\/PR\/2019\/19<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>Insolvency and Bankruptcy Board of India<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IBBI amends (i) the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, and (ii) the Insolvency and Bankruptcy Board <\/p>\n","protected":false},"author":8808,"featured_media":160494,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[36806,2923,36805],"class_list":["post-217356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-authorisation-for-assignment","tag-conflict_of_interest","tag-insolvency-and-resolution-professionals"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 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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), in regulation 5,\u2014 (i) after\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":367666,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/11\/25\/ibbi-insolvency-professionals-second-amendment-regulations-2025\/","url_meta":{"origin":217356,"position":2},"title":"IBBI (Insolvency Professionals) Second Amendment Regulations 2025: Limit on Insolvency Professional Assignments","author":"Kriti","date":"November 25, 2025","format":false,"excerpt":"The amendment limits the number of assignments of Individual Insolvency Professionals to 10.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"IBBI (Insolvency Professionals) Second Amendment Regulations 2025","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/IBBI-Insolvency-Professionals-Second-Amendment-Regulations-2025.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/IBBI-Insolvency-Professionals-Second-Amendment-Regulations-2025.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/IBBI-Insolvency-Professionals-Second-Amendment-Regulations-2025.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/IBBI-Insolvency-Professionals-Second-Amendment-Regulations-2025.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":251730,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/","url_meta":{"origin":217356,"position":3},"title":"Agency to deposit penalty to the fund constituted under S. 222 of IBC, 2016, notified","author":"Prachi Bhardwaj","date":"July 26, 2021","format":false,"excerpt":"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.\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":269728,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/07\/obligations-on-the-part-of-insolvency-professionals-regulated-vide-insolvency-and-bankruptcy-board-of-india-insolvency-professionals-amendment-regulations-2022\/","url_meta":{"origin":217356,"position":4},"title":"Obligations on the part of &#8216;Insolvency Professionals&#8217; regulated vide Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022","author":"Editor","date":"July 7, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 4-7-2022, Insolvency and Bankruptcy Board of India (IBBI), notified Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022. With immediate effect it amends Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. Through this regulation, the professionals that conduct the resolution of insolvency of\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"IBBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/IBBI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/IBBI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/IBBI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/IBBI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/IBBI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":274772,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/30\/new-form-aa-introduced-for-application-for-registration-as-an-insolvency-professional-vide-ibbi-insolvency-professionals-fourth-amendment-regulations-2022\/","url_meta":{"origin":217356,"position":5},"title":"New Form AA introduced for application for registration as an insolvency professional vide IBBI (Insolvency Professionals) (Fourth Amendment) Regulations, 2022","author":"Bhumika Indulia","date":"September 30, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 28-09-2022, the Insolvency and Bankruptcy Board of India has notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Fourth Amendment) Regulations, 2022 which introduces a new Form AA for application for registration as an insolvency professional. 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