Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional – Insolvency and Bankruptcy Board of India
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- This notification has come into force on 27.04.2021.
- In the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (hereinafter referred to as the principal regulations), in the Schedule, in clause 12A,
(i) in sub-clause (5), after the proviso, the following proviso shall be inserted , namely:
“Provided further that, for an application received on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2021 and ending on the 31st October 2021, if the authorisation for assignment is not issued, renewed or rejected by the Agency within thirty days of the date of receipt of application, the authorisation shall be deemed to have been issued or renewed, as the case may be, by the Agency.”
(ii) In sub-clause (7),
(a) The words “seven days” shall be substituted with the words “fifteen days”.
(b) After the proviso, the following proviso shall be inserted, namely:-
“Provided further that, where an application for issue of authorisation for assignment has been rejected by an insolvency professional agency, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2021 and ending on the 31st October, 2021, the applicant aggrieved of
An order of rejection may appeal to the Membership Committee within thirty days from the date of receipt of order.”
