{"id":269728,"date":"2022-07-07T13:00:37","date_gmt":"2022-07-07T07:30:37","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=269728"},"modified":"2022-07-07T12:19:56","modified_gmt":"2022-07-07T06:49:56","slug":"obligations-on-the-part-of-insolvency-professionals-regulated-vide-insolvency-and-bankruptcy-board-of-india-insolvency-professionals-amendment-regulations-2022","status":"publish","type":"post","link":"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\/","title":{"rendered":"Obligations on the part of &#8216;Insolvency Professionals&#8217; regulated vide Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"text-indent: 18pt;\">&#160; &#160;<\/p>\n<p style=\"text-indent: 18pt; margin-bottom: 3%;\">On 4-7-2022, Insolvency and Bankruptcy Board of India <span style=\"font-weight: bold;\">(IBBI),<\/span> notified <span style=\"font-weight: bold;\">Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022<\/span>. With immediate effect it amends <a href=\"http:\/\/www.scconline.com\/DocumentLink\/s357HeX5\">Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.<\/a>  Through this regulation, the professionals that conduct the resolution of insolvency of any third person are obliged to make it impartial, paying the costs incurred, managing their information with the <span style=\"font-weight: bold;\">Board<\/span>.<\/p>\n<p style=\" font-weight: bold;\">Key Amendment:<\/p>\n<p style=\"text-indent: 18pt; margin-bottom: 3%;\"><i>Regulation 8B<\/i>, extends the provisions of impartiality on the part of &#8216;Insolvency Professionals&#39;<span style=\"font-style: italic;\">,<\/span> he is required to disclose his fiduciary &#8216;relationship&#39; with any debtors, professionals engaged, financial creditors, Interim Finance providers, etc. This disclosure must be revealed within <span style=\"font-weight: bold;\">3 days<\/span>.<\/p>\n<ul style=\"margin-left: 18pt;\">\n<li>\n<p>&#8216;<span style=\"font-weight: bold;\">Relationship<\/span>&#39; of Insolvency Professional, has been clearly explained under <span style=\"font-style: italic;\">Regulation 8C, <\/span>if-<\/p>\n<ol style=\"margin-left: 18pt;\">\n<li>\n<p>He has derived 5% or more of his\/its gross revenue in a year from professional services to the related party.<\/p>\n<\/li>\n<li>\n<p>He is a shareholder, director, key managerial personnel or partner of the related party.<\/p>\n<\/li>\n<li>\n<p>His relative has a relationship with the above-mentioned.<\/p>\n<\/li>\n<li>\n<p>He is a partner or director of a company, firm or LLP, such as, an insolvency professional entity or registered valuer.<\/p>\n<\/li>\n<\/ol>\n<\/li>\n<li>\n<p>All the communication and contact details of the professional provided by the professional agency are to be submitted as per the provisions of <span style=\"font-style: italic;\">Regulation 15A.<\/span><\/p>\n<\/li>\n<li>\n<p>With <i>Regulation 25A<\/i>, Insolvency Professional will have to raise bill in his name and thereafter, such payment will be made to him through banking channel.<\/p>\n<\/li>\n<li>\n<p>To undertake the assignment or conducting processes, reasonable care and diligence must  be ensured that the corporate person complies with the applicable laws under <span style=\"font-style: italic;\">Regulation 27A<\/span>.<\/p>\n<\/li>\n<li>\n<p>Disciplinary proceedings will now be conducted as per <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002622884\">Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017<\/a>.<\/p>\n<\/li>\n<\/ul>\n<p style=\"text-indent: 18pt;\"><strong><span style=\"color: #000080;\">*Shubhi Srivastava, Editorial Assistant has reported this brief.<\/span><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>&#160; &#160; On 4-7-2022, Insolvency and Bankruptcy Board of India (IBBI), notified Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, <\/p>\n","protected":false},"author":67011,"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":[29471,16901,50070],"class_list":["post-269728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-ibbi","tag-insolvency-and-bankruptcy-board-of-india","tag-insolvency-professionals"],"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>Obligations on the part of &#039;Insolvency Professionals&#039; regulated vide Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022 | SCC Times<\/title>\n<meta name=\"description\" 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