Index
References
1 | ↑ | Substituted by Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019 (N. No. F. No. IBBI/2019-20/GN/REG045) w.e.f. 23.07.2019. Prior to substitute, the clause were as under:
“(a) “Bar Council” means a Bar Council constituted under the Advocates Act, 1961 (25 of 1961);” |
2 | ↑ | Substituted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01-04-2018). Sub Regulation (3), before substitution, stood as under:
“(3) The syllabus, format and frequency of the ‘Limited Insolvency Examination’, including qualifying marks, shall be published on the website of the Board at least one month before the examination.”. |
3 | ↑ | Substituted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01-04-2018). Regulation 5, before substitution, stood as under:
“5. Subject to the other provisions of these Regulations, an individual shall be eligible for registration, if he- |
4 | ↑ | Inserted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01-04-2018). |
5 | ↑ | Substituted by Notification No. IBBI/2018-19/GN/REG036, the dated 11th October, 2018. Prior to substitution, the sub-regulation stood as under:
“(c) pay a fee of ten thousand rupees to the Board, every five years after the year in which the certificate is granted; |
6 | ↑ | IBBI CIRCULAR No. No. IBBI/IP/020/2019 dt. 12th April, 2019: (a) Form E / Form G for the year 2018-19 shall be submitted electronically by an IP / IPE before 30th April, 2019; and (b) Form E / Form G shall be submitted by every IP / IPE even if he has not earned any professional fee or does not have turnover during 2018-19. |
7 | ↑ | Inserted by (Insolvency Professionals) (Amendment) Regulations, 2020 vide N. No. IBBI/2019-20/GN/REG057 dated 28.03.2020 w.e.f. 28.03.2020.
Explanatory Memorandum The Governing Board of the Insolvency and Bankruptcy Board of India decided on 28th March, 2020 to amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. The notification amending the regulations could not be published in the Gazette of India, due to the nationwide lockdown declared by the Central Government w.e.f. 25th March, 2020, in the wake of the outbreak of Covid19. The amendment regulations were, therefore, published on the website of the Board for it to be effective from the 28th of March, 2020, with a note that the same shall be published in the Gazette of India as soon as the Government Press accepts the notification for publication. The intention of the Governing Board was to bring into force the amended regulations with effect from the 28th March, 2020. |
8 | ↑ | Inserted by the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019 vide No. No. F. No. IBBI/2019-20/GN/REG045 w.e.f. 23.07.2019 |
9 | ↑ | See Circular No. IBBI/IP/021/2019 dated 2nd May. 2019:
The following forms may be used to process acceptance of temporary surrender and revival of professional membership of an IP: a. Form A: Application by an IP to IPA for temporary surrender; |
10 | ↑ | Inserted by the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019 vide Notification No. F. No. IBBI/2019-20/GN/REG045 w.e.f 23.07.2019. |
11 | ↑ | Substituted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01-04-2018). Sub regulation (1) of Regulation 12, before substitution, stood as under: “A limited liability partnership, a registered partnership firm or a company may be recognised as an insolvency professional entity if- a. a majority of the partners of the limited liability partnership or registered partnership firm are registered as insolvency professionals; or b. a majority of the whole-time directors of the company are registered as insolvency professionals, as the case may be.”. |
12 | ↑ | Substituted by Notification No. IBBI/2018-19/GN/REG036, the dated 11th October, 2018. Prior to substitution, the sub-regulation stood as under:
“(2) A person eligible under sub-regulation (1) may make an application for recognition as an insolvency professional entity to the Board in Form C of the Second Schedule to these Regulations.” |
13 | ↑ | Substituted by Notification No. IBBI/2018-19/GN/REG036, the dated 11th October, 2018. Prior to substitution, the sub-regulation stood as under:
“b. inform the Board, within seven days, when an insolvency professional ceases to be its director or partner, as the case may be, |
14 | ↑ | Inserted by IBBI(Insolvency Professionals) (Amendment) Regulations, 2020 vide N. No. IBBI/2019-20/GN/REG057 dated 28.03.2020 w.e.f. 28.03.2020.
Explanatory Memorandum The Governing Board of the Insolvency and Bankruptcy Board of India decided on 28th March, 2020 to amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. The notification amending the regulations could not be published in the Gazette of India, due to the nationwide lockdown declared by the Central Government w.e.f. 25th March, 2020, in the wake of the outbreak of Covid19. The amendment regulations were, therefore, published on the website of the Board for it to be effective from the 28th of March, 2020, with a note that the same shall be published in the Gazette of India as soon as the Government Press accepts the notification for publication. The intention of the Governing Board was to bring into force the amended regulations with effect from the 28th March, 2020. |
15 | ↑ | IBBI CIRCULAR No. No. IBBI/IP/020/2019 dt. 12th April, 2019: (a) Form E / Form G for the year 2018-19 shall be submitted electronically by an IP / IPE before 30th April, 2019; and (b) Form E / Form G shall be submitted by every IP / IPE even if he has not earned any professional fee or does not have turnover during 2018-19. |
16 | ↑ | Inserted by Notification No. IBBI/2019-20/GN/REG049, the dated 25th October, 2019. |
17 | ↑ | Inserted by Notification No. IBBI/2018-19/GN/REG036, the dated 11th October, 2018. |
18 | ↑ | Substituted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01-04-2018). Before substitution, it stood as under: “[Under regulation 7(2) (g)]” |
19 | ↑ | Inserted by the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019 vide notification F. No. IBBI/2019-20/GN/REG045 w.e.f 23.07.2019. |
20 | ↑ | Inserted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01-04-2018). |
21 | ↑ | Substituted by the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019 vide notification F. No. IBBI/2019-20/GN/REG045 w.e.f 23.07.2019. Prior to substitution, the clause as under:
“23. An insolvency professional must not engage in any employment, except when he has temporarily surrendered his certificate of membership with the insolvency professional agency with which he is registered.” |
22 | ↑ | Inserted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01-04-2018). |
23 | ↑ | Substituted by the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019 vide Notification No. F. No. IBBI/2019-20/GN/REG045 w.e.f 23.07.2019. Prior to substitution, the sub-regulation as under:
“An insolvency professional agency shall inform the Board if any of it professional members has temporarily surrendered his certificate of membership or revived his certificate of membership after temporary surrender, not later than seven days from approval of the application for temporary surrender or revival, as the case may be.” |
24 | ↑ | Substituted by Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2020 vide Notification No. IBBI/2020-21/GN/REG061, dated 30th June, 2020 (w.e.f. 01.07.2020). Clause (a) of subregulation (1), before substitution stood as under:
“(a) its sole objective is to provide support services to insolvency professionals, who are partners or directors, as the case may be,”. |
25 | ↑ | Inserted by IBBI(Insolvency Professionals) (Amendment) Regulations, 2020 vide N. No. IBBI/2019-20/GN/REG057 dated 28.03.2020 w.e.f. 28.03.2020.
Explanatory Memorandum The Governing Board of the Insolvency and Bankruptcy Board of India decided on 28th March, 2020 to amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. The notification amending the regulations could not be published in the Gazette of India, due to the nationwide lockdown declared by the Central Government w.e.f. 25th March, 2020, in the wake of the outbreak of Covid19. The amendment regulations were, therefore, published on the website of the Board for it to be effective from the 28th of March, 2020, with a note that the same shall be published in the Gazette of India as soon as the Government Press accepts the notification for publication. The intention of the Governing Board was to bring into force the amended regulations with effect from the 28th March, 2020. |
26 | ↑ | Substituted by IBBI(Insolvency Professionals) (Amendment) Regulations, 2020 vide N. No. IBBI/2019-20/GN/REG057 dated 28.03.2020 w.e.f. 28.03.2020. Prior to substitue the cluase stand as : “Second Schedule; and”.
Explanatory Memorandum The Governing Board of the Insolvency and Bankruptcy Board of India decided on 28th March, 2020 to amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. The notification amending the regulations could not be published in the Gazette of India, due to the nationwide lockdown declared by the Central Government w.e.f. 25th March, 2020, in the wake of the outbreak of Covid19. The amendment regulations were, therefore, published on the website of the Board for it to be effective from the 28th of March, 2020, with a note that the same shall be published in the Gazette of India as soon as the Government Press accepts the notification for publication. The intention of the Governing Board was to bring into force the amended regulations with effect from the 28th March, 2020. |