INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

NOTIFICATION

New Delhi, the 13th September, 2022

Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2022

No. IBBI/2022-23/GN/REG092.—In exercise of the powers conferred by sections 196, 207 and 208 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 (Insolvency Professionals) Regulations, 2016, namely: –

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2022.

(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 (Insolvency Professionals) Regulations, 2016, in the First Schedule, after clause 26, the following clause shall be inserted, namely:

“26A. An insolvency professional shall not accept /share any fees or charges from any professional and/or support service provider who are appointed under the processes.”

RAVI MITAL, Chairperson

[ADVT.-III/4/Exty./272/2022-23]

Note : The Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 were published vide notification No. IBBI/2016-17/GN/REG003 dated 23rd November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 424 on 23rd November, 2016 and were last amended by the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022 published vide notification No. IBBI/2022-23/GN/REG088 dated 4th July, 2022 in the Gazette of India, Extraordinary, Part III, Section 4, No. 338 on 4th July, 2022.

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