Insolvency and Bankruptcy Board of India has introduced the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022 with the following changes:
No. IBBI/2022-23/GN/REG101 effective from 31st October 2022
1.Format of Compliance certificate: Regulation 7(3) has been amended to include that compliance certificate to be submitted shall be in the manner issued by the board.
2.Disclosure of Relationship by Insolvency Professional: sub-clause 3 has been added in clause 6 of the schedule which states that agency shall facilitate disclosure of relationship by the insolvency professional members and disclose the same on website within 3 working days of the receipt of the disclosure.
3.Pending disciplinary proceeding: Explanation to clause 23A has been added which states that A disciplinary proceeding shall be considered as pending against the professional member from the date he has been issued a show cause notice by the Agency or the Board, as the case may be, till its disposal by the Disciplinary Committee of the Agency or the Board, as the case may be.
Notification:
