INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 23rd November, 2016
Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016
No. IBBI/2016-17/GN/REG003.—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 Board hereby makes the following Regulations, namely-
CHAPTER I
GENERAL
Short title and commencement.
- (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.
(2) These Regulations shall come into force on 29th November, 2016.
Definitions.
2. (1) In these Regulations, unless the context otherwise requires –
(a) “Bar Council” means a Bar Council constituted under the Advocates Act, 1961 (25 of 1961);
(b) “certificate of registration” means a certificate of registration granted by the Board under section 207 of the Code read with these Regulations;
(c) “Code” means the Insolvency and Bankruptcy Code, 2016 (31 of 2016);
(d) “Institute of Chartered Accountants of India” means the Institute constituted under the Chartered Accountants Act, 1949 (38 of 1949);
(e) “Institute of Cost Accountants of India” means the Institute constituted under the Cost and Works Accountants Act, 1959 (23 of 1959);
(f) “Institute of Company Secretaries of India” means the Institute constituted under the Institute of the Company Secretaries Act, 1980 (56 of 1980); and
(g) “professional member” means an individual who has been enrolled as a member of an insolvency professional agency;
(2) Unless the context otherwise requires, words and expressions used and not defined in these Regulations, shall have the meanings assigned to them in the Code
