AMENDMENT TO INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

AMENDMENT TO INSOLVENCY AND BANKRUPTCY BOARD OF INDIA REGULATION 2017

The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 and the Insolvency and Bankruptcy Board of India (Inspection and Inspection and Investigation) Regulations 2017.

Insolvency and bankruptcy board which is related to grievances and complaint handling procedure provides a mechanism for restitution of complaints and grievances filed against insolvency professionals, insolvency professional agencies, and information utilities.
Insolvency and bankruptcy board which is related to inspection and investigation regulation 2017 provides a mechanism for carrying out inspections and investigations on insolvency professional agencies, insolvency professionals, and information utilities and passing orders by Disciplinary Committee.

KEY HIGHLIGHT OF THE AMENDMENT

Revisions in various timelines related to the enforcement process provided in the (Grievance and Complaint Handling Procedure) Regulations 2017 and (Inspection and Investigation) Regulations, 2017, for addressing the matter of delay in the present mechanism.
Effective contribution of IPAs (Insolvency Professional Agency) in regulating the IPs (Insolvency Professional) through examination of grievances received against insolvency professional agency.
Intimation to Committee of Creditor / Adjudicating Authority about the outcome of Disciplinary Committee order.

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

The Insolvency and Bankruptcy Board of India was established in the year 2016, under the Insolvency and Bankruptcy Code, 2016 (Code).

It is a unique regulator as it regulates a profession as well as processes.
It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies, Insolvency Professional Entity, and Information Utilities
It has also been designated as the ‘Authority’ under the Companies (Registered Valuers and Valuation Rules), 2017 for regulation and development of the profession of valuers in the country.
It covers individuals, Limited Liability Partnerships, Partnership firms, and companies.
It is meant to speed up the resolution process of stressed assets in the country.
It handles the cases using the Debt recovery tribunal and National Company Law Tribunal.

Source: PIB

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