The Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Third Amendment) Regulations, 2021

Jul 23, 2021 | by Avantis RegTech Legal Research Team

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Secretarial Compliance

The Insolvency and Bankruptcy Board of India (IBBI) on July 22, 2021 has issued the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Third Amendment) Regulations, 2021 to further amend the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, namely:- 

• In the Schedule, which specifies, Model Bye laws of an Insolvency Professional Agency, In clause 24, sub- clause (5) has been Substituted, namely:

"(5) The Agency shall promptly realise the monetary penalty imposed by the Disciplinary Committee and credit the same to the Fund constituted under section 222 of the Code. " 

[Notification No. IBBI/2021-22/GN/REG076] 

 


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