Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2025, effective from the date of their publication in the Official Gazette. These amendments revise the existing Model Bye-Laws and Governing Board of Insolvency Professional Agencies Regulations, 2016. Specifically, changes have been introduced in the Schedule, paragraph VI, clause 12A. The amendment extends the timelines under sub-clause (3) and sub-clause (5), replacing the period of “forty-five” days with “ninety” days and “fifteen” days with “ninety” days, respectively. The regulations aim to provide enhanced flexibility for compliance by Insolvency Professional Agencies. This notification builds upon prior amendments made in January 2024. The amendments are issued under the authority of sections 196, 204, 205, and 240 of the Insolvency and Bankruptcy Code, 2016.
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 28th January, 2025
Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2025.
F. No. IBBI/2024-25/GN/REG117.—In exercise of the powers conferred by sections 196, 204, 205 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 (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, namely: –
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2025.
(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 (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, in the Schedule, in para VI, in clause 12A –
(i) in the proviso to sub-clause (3), for the words “forty-five”, the word “ninety” shall be substituted.
(ii) in sub-clause (5), for the word “fifteen”, the word “ninety” shall be substituted.
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./935/2024-25]
Note: The Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 were published vide notification No. IBBI/2016-17/GN/REG001 dated 21st November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 421 on 22nd November, 2016 and were last amended by the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2024 published vide notification No. IBBI/2023-24/GN/REG111 dated 31st January 2024, in the Gazette of India, Extraordinary, Part III, Section 4, No. 75 on 31st January 2024.
