{"id":242275,"date":"2021-01-15T14:30:45","date_gmt":"2021-01-15T09:00:45","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=242275"},"modified":"2021-01-15T11:10:17","modified_gmt":"2021-01-15T05:40:17","slug":"ibbi-notifies-insolvency-and-bankruptcy-board-of-india-model-bye-laws-and-governing-board-of-insolvency-professional-agencies-amendment-regulations-2021-read-rules","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/01\/15\/ibbi-notifies-insolvency-and-bankruptcy-board-of-india-model-bye-laws-and-governing-board-of-insolvency-professional-agencies-amendment-regulations-2021-read-rules\/","title":{"rendered":"IBBI notifies Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2021 [Read Rules]"},"content":{"rendered":"<blockquote>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\">Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2021<\/span><\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\"><strong>2.<\/strong> 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<\/p>\n<p style=\"text-align: justify;\">(i) after sub-regulation (4), the following sub-regulation shall be inserted, namely:\u2014<\/p>\n<p style=\"text-align: justify;\">\u201c(4A) A shareholder director shall be an individual, who satisfies the eligibility norms, including experience and qualification, as decided by the Governing Board.\u201d;<\/p>\n<p style=\"text-align: justify;\">(ii) in sub-regulation (6), for clause (b), the following clause shall be substituted, namely:\u2014<\/p>\n<p style=\"text-align: justify;\">\u201c(b) who has expertise in the field of finance, law, economics, accountancy, valuation, management or insolvency;\u201d;<\/p>\n<p style=\"text-align: justify;\">(iii) after sub-regulation (13), the following sub-regulations shall be inserted, namely:\u2014<\/p>\n<p style=\"text-align: justify;\">\u201c(14) A director shall disclose any order of any authority that affects his character or reputation, to the insolvency professional agency, within one week of issue of such order:<\/p>\n<p style=\"text-align: justify;\">Provided that a copy of the order shall be placed forthwith on the website of the insolvency professional agency;<\/p>\n<p style=\"text-align: justify;\">Provided further that such director shall forthwith cease to be a director of the insolvency professional agency where the order disqualifies him to be a director of a company.\u201d.<\/p>\n<p style=\"text-align: justify;\"><strong>3.<\/strong> In the principal regulations, after regulation 5B, the following regulations shall be inserted, namely:-<\/p>\n<p style=\"text-align: justify;\">\u201c<strong>6. Self-evaluation. <\/strong><\/p>\n<p style=\"text-align: justify;\">(1) The Governing Board shall evaluate its performance in a financial year within three months of the closure of the year, in the manner decided by it.<\/p>\n<p style=\"text-align: justify;\">(2) The insolvency professional agency shall publish a report on self-evaluation referred to in sub-regulation (1) on its website.<\/p>\n<p style=\"text-align: justify;\"><strong>Compliance Officer.<\/strong><\/p>\n<p style=\"text-align: justify;\">(1) An insolvency professional agency shall designate or appoint a compliance officer who shall be responsible for ensuring compliance with the provisions of the Code and regulations, circulars, guidelines, and directions issued thereunder.<\/p>\n<p style=\"text-align: justify;\">(2) The compliance officer shall, immediately and independently, report to the Board any non-compliance of the provisions referred to in sub-regulation (1).<\/p>\n<p style=\"text-align: justify;\">(3) The compliance officer shall submit a compliance certificate to the Board annually, verifying that the insolvency professional agency has complied with the provisions referred to in sub-regulation (1):<\/p>\n<p style=\"text-align: justify;\">Provided that the annual compliance certificate shall also be signed by the managing director of the insolvency professional agency.<\/p>\n<p style=\"text-align: justify;\">The Governing Board shall appoint or remove the compliance officer only by means of a resolution passed in its meeting\u201d<\/p>\n<hr \/>\n<p><strong>Insolvency and Bankruptcy Board of India<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Notification dt. 14-01-2021]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2021 2. In the Insolvency <\/p>\n","protected":false},"author":8808,"featured_media":223422,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[44830,29471,16901,29689,29785,41976],"class_list":["post-242275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-compliance-officer","tag-ibbi","tag-insolvency-and-bankruptcy-board-of-india","tag-insolvency-professional","tag-law","tag-legislation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IBBI notifies Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2021 [Read Rules] | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/01\/15\/ibbi-notifies-insolvency-and-bankruptcy-board-of-india-model-bye-laws-and-governing-board-of-insolvency-professional-agencies-amendment-regulations-2021-read-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IBBI notifies Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2021 [Read Rules]\" \/>\n<meta property=\"og:description\" content=\"Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2021 2. 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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, 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The Insolvency and Bankruptcy Board India (IBBI) notified the following regulations: (i) the Insolvency and\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":268463,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/15\/period-for-aggrieved-and-service-provider-to-submit-information-and-records-to-the-board-has-been-reduced-to-seven-days-vide-ibbi-grievance-and-complaint-handling-procedure-amendment-regulations\/","url_meta":{"origin":242275,"position":2},"title":"Period for aggrieved and service provider to submit information and records to the Board has been reduced to seven days vide IBBI (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022","author":"Bhumika Indulia","date":"June 15, 2022","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India\u00a0Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022 to amend the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017. Key points: A grievance or a complaint shall be filed with the Board on\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":141151,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/07\/07\/comments-invited-on-regulations-notified-under-the-insolvency-and-bankruptcy-code-2016\/","url_meta":{"origin":242275,"position":3},"title":"Comments invited on Regulations notified under the Insolvency and Bankruptcy Code, 2016","author":"Saba","date":"July 7, 2017","format":false,"excerpt":"The Insolvency and Bankruptcy Code, 2016\u00a0(Code)\u00a0is a modern economic legislation.\u00a0Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India\u00a0(IBBI)\u00a0to make regulations subject to the conditions that the regulations: (a)\u00a0carry out the provisions of the Code,\u00a0(b)\u00a0are consistent with the Code and the rules made there under;\u00a0(c)\u00a0are made by\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":"","width":0,"height":0},"classes":[]},{"id":94991,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/12\/27\/the-insolvency-and-bankruptcy-board-of-india-model-bye-laws-and-governing-board-of-insolvency-professional-agencies-regulations-2016-notified\/","url_meta":{"origin":242275,"position":4},"title":"The Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, notified","author":"Saba","date":"December 27, 2016","format":false,"excerpt":"IBBI\/2016-17\/GN\/REG001.\u2014 In exercise of the powers conferred by Sections 196, 203 and 205 read with Section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following Regulations, namely\u2014 CHAPTER I PRELIMINARY 1. Short title and commencement.\u2014 (1) These\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\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":255018,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/01\/ibbi-insolvency-resolution-process-for-corporate-persons-third-amendment-regulations-2021\/","url_meta":{"origin":242275,"position":5},"title":"IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2021","author":"Bhumika Indulia","date":"October 1, 2021","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India made Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)(Third Amendment) Regulations, 2021 to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Key Amendments: In the Insolvency and Bankruptcy Board of India\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\/2021\/10\/MicrosoftTeams-image-56.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-56.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-56.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-56.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-56.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/242275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=242275"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/242275\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/223422"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=242275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=242275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=242275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}