IBBI (Model Bye-Laws & Governing Board) Regulations, 2016

Insolvency and Bankruptcy Board of India (IBBI) (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 notified by IBBI/ MCA

To implement the Insolvency and Bankruptcy Code, 2016 MCA had set-up a working group for drafting regulations for registration and regulation of insolvency professionals and insolvency professional agencies. Based on recommendations of the working group and comments received from the public and stakeholders on the draft regulations, the IBBI/ MCA has notified the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 vide Notification dt. 21 Nov. 2016, consisting of 3 chapters with Schedule on Model Bye Laws governing the Insolvency Professional Agencies along with Form A annexed, as under

IBBI/2016-17/GN/REG001— In exercise of the powers conferred by sections 196, 203 and 205 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following Regulations, namely –

1. Short title and commencement

(1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. (2) These Regulations shall come into force on the date of their publication in the Official Gazette. (i.e. 21 Nov. 2016).

2. Definitions … contd…

Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 IBBI Notification dt. 21 Nov. 2016

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