{"id":251730,"date":"2021-07-26T15:30:13","date_gmt":"2021-07-26T10:00:13","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=251730"},"modified":"2021-07-26T15:35:32","modified_gmt":"2021-07-26T10:05:32","slug":"agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/","title":{"rendered":"Agency to deposit penalty to the fund constituted under S. 222 of IBC, 2016, notified"},"content":{"rendered":"<p style=\"text-align: justify;\">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 <a href=\"http:\/\/www.scconline.com\/DocumentLink\/V8OGc770\">Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><span style=\"color: #800000;\">*Tanvi Singh, Editorial Assistant has reported this brief.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Insolvency and Bankruptcy Board of India has notified with effect from 22nd July 2021, the IBBI (Model Bye-Laws and Governing Board <\/p>\n","protected":false},"author":121,"featured_media":160494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-251730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Agency to deposit penalty to the fund constituted under S. 222 of IBC, 2016, notified | 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\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Agency to deposit penalty to the fund constituted under S. 222 of IBC, 2016, notified\" \/>\n<meta property=\"og:description\" content=\"The Insolvency and Bankruptcy Board of India has notified with effect from 22nd July 2021, the IBBI (Model Bye-Laws and Governing Board\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-26T10:00:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-26T10:05:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"460\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Prachi Bhardwaj\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Prachi Bhardwaj\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/07\\\/26\\\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/07\\\/26\\\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\\\/\"},\"author\":{\"name\":\"Prachi Bhardwaj\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/de579aff4bc6dd24b68d6d472ac92942\"},\"headline\":\"Agency to deposit penalty to the fund constituted under S. 222 of IBC, 2016, notified\",\"datePublished\":\"2021-07-26T10:00:13+00:00\",\"dateModified\":\"2021-07-26T10:05:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/07\\\/26\\\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\\\/\"},\"wordCount\":129,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/07\\\/26\\\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/09\\\/Insolvency-and-Bankruptcy-Board-of-India.jpg\",\"articleSection\":[\"Legislation Updates\",\"Rules &amp; Regulations\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/07\\\/26\\\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"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\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/07\\\/26\\\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\\\/\",\"name\":\"Agency to deposit penalty to the fund constituted under S. 222 of IBC, 2016, notified | SCC Times\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/07\\\/26\\\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/07\\\/26\\\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/09\\\/Insolvency-and-Bankruptcy-Board-of-India.jpg\",\"datePublished\":\"2021-07-26T10:00:13+00:00\",\"dateModified\":\"2021-07-26T10:05:32+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/de579aff4bc6dd24b68d6d472ac92942\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/07\\\/26\\\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/07\\\/26\\\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/07\\\/26\\\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/09\\\/Insolvency-and-Bankruptcy-Board-of-India.jpg\",\"contentUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/09\\\/Insolvency-and-Bankruptcy-Board-of-India.jpg\",\"width\":800,\"height\":460},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/07\\\/26\\\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Agency to deposit penalty to the fund constituted under S. 222 of IBC, 2016, notified\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/de579aff4bc6dd24b68d6d472ac92942\",\"name\":\"Prachi Bhardwaj\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/6665f184a76dd0a4639fad050ee78a671e5bd5b4767e2cd8b57665c9461c34ed?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/6665f184a76dd0a4639fad050ee78a671e5bd5b4767e2cd8b57665c9461c34ed?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/6665f184a76dd0a4639fad050ee78a671e5bd5b4767e2cd8b57665c9461c34ed?s=96&d=mm&r=g\",\"caption\":\"Prachi Bhardwaj\"},\"description\":\"Senior Associate Editor\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/author\\\/editor_3\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Agency to deposit penalty to the fund constituted under S. 222 of IBC, 2016, notified | SCC Times","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/","og_locale":"en_US","og_type":"article","og_title":"Agency to deposit penalty to the fund constituted under S. 222 of IBC, 2016, notified","og_description":"The Insolvency and Bankruptcy Board of India has notified with effect from 22nd July 2021, the IBBI (Model Bye-Laws and Governing Board","og_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\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2021-07-26T10:00:13+00:00","article_modified_time":"2021-07-26T10:05:32+00:00","og_image":[{"width":800,"height":460,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg","type":"image\/jpeg"}],"author":"Prachi Bhardwaj","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Prachi Bhardwaj","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/#article","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/"},"author":{"name":"Prachi Bhardwaj","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/de579aff4bc6dd24b68d6d472ac92942"},"headline":"Agency to deposit penalty to the fund constituted under S. 222 of IBC, 2016, notified","datePublished":"2021-07-26T10:00:13+00:00","dateModified":"2021-07-26T10:05:32+00:00","mainEntityOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/"},"wordCount":129,"commentCount":0,"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg","articleSection":["Legislation Updates","Rules &amp; Regulations"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/#respond"]}]},{"@type":"WebPage","@id":"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":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/","name":"Agency to deposit penalty to the fund constituted under S. 222 of IBC, 2016, notified | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/#primaryimage"},"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg","datePublished":"2021-07-26T10:00:13+00:00","dateModified":"2021-07-26T10:05:32+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/de579aff4bc6dd24b68d6d472ac92942"},"breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/#primaryimage","url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg","contentUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg","width":800,"height":460},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/26\/agency-to-deposit-penalty-to-the-fund-constituted-under-s-222-of-ibc-2016-notified\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Agency to deposit penalty to the fund constituted under S. 222 of IBC, 2016, notified"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/de579aff4bc6dd24b68d6d472ac92942","name":"Prachi Bhardwaj","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/6665f184a76dd0a4639fad050ee78a671e5bd5b4767e2cd8b57665c9461c34ed?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6665f184a76dd0a4639fad050ee78a671e5bd5b4767e2cd8b57665c9461c34ed?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/6665f184a76dd0a4639fad050ee78a671e5bd5b4767e2cd8b57665c9461c34ed?s=96&d=mm&r=g","caption":"Prachi Bhardwaj"},"description":"Senior Associate Editor","url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_3\/"}]}},"jetpack_featured_media_url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/251730","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\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=251730"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/251730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/160494"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=251730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=251730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=251730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}