AMENDMENT TO INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

AMENDMENT TO INSOLVENCY AND BANKRUPTCY BOARD OF INDIA REGULATION 2017

The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 and the Insolvency and Bankruptcy Board of India (Inspection and Inspection and Investigation) Regulations 2017.

Insolvency and bankruptcy board which is related to grievances and complaint handling procedure provides a mechanism for restitution of complaints and grievances filed against insolvency professionals, insolvency professional agencies, and information utilities.
Insolvency and bankruptcy board which is related to inspection and investigation regulation 2017 provides a mechanism for carrying out inspections and investigations on insolvency professional agencies, insolvency professionals, and information utilities and passing orders by Disciplinary Committee.

KEY HIGHLIGHT OF THE AMENDMENT

Revisions in various timelines related to the enforcement process provided in the (Grievance and Complaint Handling Procedure) Regulations 2017 and (Inspection and Investigation) Regulations, 2017, for addressing the matter of delay in the present mechanism.
Effective contribution of IPAs (Insolvency Professional Agency) in regulating the IPs (Insolvency Professional) through examination of grievances received against insolvency professional agency.
Intimation to Committee of Creditor / Adjudicating Authority about the outcome of Disciplinary Committee order.

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

The Insolvency and Bankruptcy Board of India was established in the year 2016, under the Insolvency and Bankruptcy Code, 2016 (Code).

It is a unique regulator as it regulates a profession as well as processes.
It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies, Insolvency Professional Entity, and Information Utilities
It has also been designated as the ‘Authority’ under the Companies (Registered Valuers and Valuation Rules), 2017 for regulation and development of the profession of valuers in the country.
It covers individuals, Limited Liability Partnerships, Partnership firms, and companies.
It is meant to speed up the resolution process of stressed assets in the country.
It handles the cases using the Debt recovery tribunal and National Company Law Tribunal.

Source: PIB

Join Our Telegram

World bank logistic performance index 2023

World bank logistic performance index 2023

28 Apr, 23
SHARE

India is now ranked 38th out of 139 nations in the Logistic Performance Index (LPI) 2023 of the World Bank. From its previous rankings of 44th in 2018 and 54th in 2014, this is a notable improvement. Earlier, the Logistics Ease Across Different States (LEADS) Report 2022 was published by the Ministry of Commerce and Industry. About Logi

Smuggling of Gold

28 Apr, 23
SHARE

Airports discovered more than 63% of this illegal gold. The Department of Revenue Intelligence recently conducted the Golden Dawn Operation across India, seizing 101.7 kg of illegal gold valued at Rs 51 crore. Despite the fact that India receives a legal import of about 800-1,000 tonnes of gold each year, the illicit market is thought to be

India-Thailand Relations

27 Apr, 23
SHARE

Both parties expressed satisfaction with the ongoing bilateral defence cooperation at the 8th India-Thailand Defence Dialogue, which was held in Bangkok, Thailand. Cultural ties and mutual cooperation that have been shaped by thousands of years of lasting historical and cultural ties characterise India and Thailand relations. Highlight

Translocation of Elephants

27 Apr, 23
SHARE

The Kerala government's appeal of the order of the Kerala High Court is rejected by the Supreme Court. The Kerala government's appeal against the Kerala High Court's directive to move Arikomban (Wild Elephant), the "rice tusker" of Munnar, to the Parambikulam tiger reserve was recently dismissed by the Supreme Court.

Global Buddhist Summit

26 Apr, 23
SHARE

Global Buddhist Summit In order to improve diplomatic and cultural ties with other nations, the Ministry of Culture recently organised the First Global Buddhist Summit 2023 in collaboration with the International Buddhist Confederation (IBC). About the summit "Responses to Contemporary Challenges: Philosophy to Praxis" is