Insolvency and Bankruptcy Board of India
7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001
CIRCULAR No. IPE/008/2018
5th April, 2018
To
All recognized Insolvency Professional Entities
(By mail to registered email addresses and on website of the IBBI)
Dear Sir/Madam,
Subject: Compliance with the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018.
The Insolvency and Bankruptcy Board of India (IBBI) has recently notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018 in the Gazette of India dated 28th March, 2018. They are available at www.ibbi.gov.in and are annexed to this circular. They came into force on 1st April, 2018.
2. They have amended provisions in sub-regulation (1) of regulation 12 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 relating to insolvency professional entities (IPEs). In terms of the amended regulations, the IPEs recognized as on 1StApril, 2018 need to comply with the provisions of clauses (e), (f) and (g) of sub-regulation (1) on or before 30th June, 2018 and the provisions of clauses (a), (b) (c) and (d) of sub-regulation (1) on or before 30th September, 2018.
3. In terms of the sub-regulation (2) of regulation 13 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, the recognition granted to an IPE is subject to the condition that the IPE shall at all times continue to satisfy the requirements under regulation 12.
4. In view of the above, you are requested to ensure compliance with the provisions of sub-regulation (1) of regulation 12 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 by 30thJune, 2018 or 30th September, 2018, as the case may be, under intimation to the IBBI, failing which the IPE may be derecognised in accordance with regulation 14.
Yours faithfully,
-Sd-
(Debajyoti Ray Chaudhuri)
Chief General Manager
