{"id":268463,"date":"2022-06-15T17:30:32","date_gmt":"2022-06-15T12:00:32","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=268463"},"modified":"2022-06-15T17:44:28","modified_gmt":"2022-06-15T12:14:28","slug":"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","status":"publish","type":"post","link":"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\/","title":{"rendered":"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"},"content":{"rendered":"<p style=\"text-align: justify;\"><span id=\"page3R_mcid253\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The Insolvency and Bankruptcy Board of India\u00a0<\/span><span dir=\"ltr\" role=\"presentation\">Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022 to amend the Insolvency and Bankruptcy Board of India (Grievance <\/span><span dir=\"ltr\" role=\"presentation\">and Complaint Handling Procedure) Regulations, 2017.<br \/>\n<\/span><\/span><\/p>\n<h4 style=\"text-align: justify;\">Key points:<\/h4>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><span id=\"page3R_mcid257\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">A grievance or a complaint shall be filed with the Board on its dedicated portal <strong>www.ibbi.gov.in<\/strong><\/span><\/span>.<\/li>\n<li style=\"text-align: justify;\">The amendment modifies the period for the aggrieved and the service provider to submit the information and records from <strong>fifteen days<\/strong> to <strong>seven days<\/strong>. The amendment inserts a<span id=\"page3R_mcid262\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"> proviso: <\/span><\/span><span id=\"page3R_mcid263\" class=\"markedContent\"><\/span><br role=\"presentation\" \/><span id=\"page3R_mcid263\" class=\"markedContent\"><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page3R_mcid263\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u201cProvided that an additional time not exceeding seven days may b<\/span><span dir=\"ltr\" role=\"presentation\">e granted by the Board for submitting <\/span><span dir=\"ltr\" role=\"presentation\">the information and records sought under sub-<\/span><span dir=\"ltr\" role=\"presentation\">regulation (2) on the request of the service provider.\u201d<\/span><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page3R_mcid264\" class=\"markedContent\"><\/span><span id=\"page3R_mcid264\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"> Time period in which the Board must close the grievance has been modified from <strong>forty-five<\/strong> days to<\/span><span dir=\"ltr\" role=\"presentation\"><strong> thirty days<\/strong>.<\/span><\/span><span id=\"page3R_mcid265\" class=\"markedContent\"><\/span><\/li>\n<li>Time period in which the Board must direct the service provider to redress the grievance has been modified from <strong>forty-five days<\/strong> to <strong>thirty days<\/strong>.<\/li>\n<li><span id=\"page3R_mcid266\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Following regulation on &#8216;Disposal of grievance by Insolvency Professional Agency&#8217; has be inserted<\/span><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\"><strong><span id=\"page3R_mcid267\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">6A. Disposal of grievance by Insolvency Professional Agency<\/span><\/span><\/strong><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page8R_mcid0\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(1) Notwithstanding anything contained in regulation 6, the Board may forward a grievance against an <\/span><span dir=\"ltr\" role=\"presentation\">insolvency professional for disposal by the insolvency professional agency of which he is a professional <\/span><span dir=\"ltr\" role=\"presentation\">member.<\/span><\/span><span id=\"page8R_mcid1\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(2) On receipt of the grievance under sub-regulation (1), the insolvency professional agency shall dispose of <\/span><span dir=\"ltr\" role=\"presentation\">the grievance in accordance with its bye-laws and intimate the Board within thirty days of receipt of <\/span><span dir=\"ltr\" role=\"presentation\">grievance.\u201d<\/span><\/span><span id=\"page8R_mcid2\" class=\"markedContent\"><\/span><span id=\"page8R_mcid11\" class=\"markedContent\"><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Insolvency and Bankruptcy Board of India\u00a0Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022 to amend <\/p>\n","protected":false},"author":8808,"featured_media":268472,"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-268463","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\/ 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