INSOLVENCY AND BANKRUPTCY

About: 

• The Insolvency and Bankruptcy Board India (IBBI) notified regulations related to the IBBI (Insolvency Professionals) (Amendment) Regulations, 2019, and the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019.

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Amendments made by the IBBI (Insolvency Professionals) (Amendment) Regulations, 2019 are: 

• An insolvency professional shall not accept any assignment as resolution professional, liquidator, bankruptcy trustee, authorised representative under the Insolvency and bankruptcy Code, 2016 unless he holds an ‘Authorisation for Assignment’ issued by his Insolvency Professional Agency. This is effective from 1st January, 2020.
• An insolvency professional shall not engage in any employment when he holds an Authorisation for Assignment or when he is undertaking an assignment.

Amendments made by the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019: 

• An Insolvency Professional Agency shall issue/renew an Authorisation for Assignment to insolvency professionals in accordance with its Bye-laws.
• An insolvency professional shall be eligible to obtain an Authorisation of Assignment if he has not attained the age of seventy years.
• An individual may serve as an independent director on the Governing Board of an Insolvency Professional Agency up to the age of 75 years.