The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017, with the new regulations effective immediately upon publication on August 13, 2024. The key change involves extending the timeframe for responding to show-cause notices. Specifically, the amendment revises the deadline from thirty-five days to sixty days from the due date for receiving a reply to the show-cause notice. This extension aims to provide a more reasonable period for compliance and response during inspection and investigation processes under the Insolvency and Bankruptcy Code, 2016.
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 13th August, 2024
Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2024
No. IBBI/2024-25/GN/REG115.—In exercise of the powers conferred under sections 196, 217, 218, 219, 220 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017, namely: –
1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2024.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017, in regulation 13, in sub-regulation (2), for the words “thirty-five days of the date of the issuance of the show-cause notice”, the words “sixty days from the due date for receipt of reply to the show-cause notice” shall be substituted.
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./386/2024-25]
Note: The Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 were published vide Notification No. IBBI/2017-8/GN/REG011 on 12th June, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 239 dated 12th June, 2017 and were last amended by the Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022 published vide Notification No. IBBI/2022-23/GN/REG/087, dated the 14th June, 2022 in the Gazette of India, Extraordinary, Part III, Section 4, No. 305 on 14th June, 2022.
