Home Rules & Regulations IBBI (Insolvency Professionals) (Amendment) Regulations, 2021

IBBI (Insolvency Professionals) (Amendment) Regulations, 2021

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The Insolvency and Bankruptcy Board of India (IBBI) on Tuesday has notified the IBBI (Insolvency Professionals) (Amendment) Regulations, 2021 to further amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.

“Provided further that when an individual ceases to be its director or partner, as the case may be, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2021 and ending on the 31st December 2021, the insolvency professional entity shall inform the Board, within thirty days of such cessation.” the notification said.

As per the amendment, when an individual joins as its director or partner, as the case may be, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2021 and ending on the 31st December 2021, the insolvency professional entity shall inform the Board, within thirty days of such joining.

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