The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Insolvency Professionals) Regulations, 2016 ("IP Regulations") for a second time and has notified the amendment on 13.09.2022. The amendment has added Clause 26A to the IP Regulations which states that an Insolvency Professional shall not accept /share any fees or charges from any professional and/or support...
The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Insolvency Professionals) Regulations, 2016 ("IP Regulations") for a second time and has notified the amendment on 13.09.2022. The amendment has added Clause 26A to the IP Regulations which states that an Insolvency Professional shall not accept /share any fees or charges from any professional and/or support service provider who are appointed under the processes.
Detailed Overview
In exercise of the powers conferred by Sections 196, 207 and 208 read with Section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the IBBI made the following regulations further to amend the IBBI (Insolvency Professionals) Regulations, 2016, namely:
- These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2022.
- They shall come into force on the date of their publication in the Official Gazette.
- In the IBBI (Insolvency Professionals) Regulations, 2016, in the First Schedule, after clause 26, the following clause shall be inserted, namely:
"26A. An insolvency professional shall not accept /share any fees or charges from any professional and/or support service provider who are appointed under the processes."
Notification No.: No. IBBI/2022-23/GN/REG092