Final notification of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2021 – Insolvency and Bankruptcy Board of India
View PdfFinal notification of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2021 – Insolvency and Bankruptcy Board of India
- This notification has come into force on 27.04.2021.
- In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (hereinafter referred to as the principal regulations), in regulation 7, in sub-regulation (2), in clause (ca), after the proviso, t “Provided further that for the financial year 2020-2021, an insolvency professional shall pay the fee under this clause on or before the 30th June, 2021.” words inserted.
- In the principal regulations, in regulation 13, in sub-regulation (2),
(i) in clause (b), after the proviso, the following proviso shall be inserted, namely:-
“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;”
(ii) in clause (c), after the proviso, the following proviso shall be inserted, namely:-
“Provided further that 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;”
(iii) in clause (ca), after the proviso, the following proviso shall be inserted, namely: –
“Provided further that for the financial year 2020-2021, an insolvency professional entity shall pay the fee under this clause on or before the 30th June, 2021;
