IBBI (Insolvency Professional Agencies) Regulations, 2016

IBBI/ MCA Notifies Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016

The MCA as part of the process for implementing the Insolvency and Bankruptcy Code, 2016 had set-up a working group consisting of practitioners and experts for making recommendations for drafting regulations for registration and regulation of insolvency professionals and insolvency professional agencies envisaged under the Code.

Based on recommendations of the working group and comments received from the public and stakeholders on the draft regulations, the IBBI/ MCA has notified Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016 vide Notification dt. 21 Nov. 2016, consisting of 4 chapters with Form A and B appended in the Schedule, as under:

Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016

IBBI/2016-17/GN/REG002— In exercise of the powers conferred by sections 196, 201, 202, 219, and 220 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Board hereby makes the following Regulations to provide a framework for regulation of insolvency professional agencies in terms hereof, namely

1. Short title and commencement

(1) These Regulations may be called the Insolvency and Bankruptcy Board of India (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 (Insolvency Professional Agencies) Regulations, 2016 dt. 21 Nov. 2016

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