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The Tax Publishers Notification No. IBBI/2022-23/GN/REG088 [ADVT.-III/4/Exty./159/2022-23], dt. 04-07-2022 IBBI (Insolvency Professionals) (Amendment) Regulations, 2022 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) (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 (hereinafter referred to as the principal regulations), for regulation 11, the following shall be substituted, namely-- Disciplinary Proceedings. 11. The disciplinary proceedings shall be conducted in accordance with the provisions of Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017. 3. In the principal regulations, in the First Schedule, (i) after clause 8A, the following clauses shall be inserted, namely-- 8B. An insolvency professional shall disclose his relationship, if any, with the corporate debtor, other professionals engaged by him, financial creditors, interim finance providers, and prospective resolution applicants to the insolvency professional agency of which he is a member, within the time specified hereunder : SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Notification No. IBBI/2022-23/GN/REG088 [ADVT.-III/4/Exty./159/2022-23], dt. 04-07-2022

IBBI (Insolvency Professionals) (Amendment) Regulations, 2022

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) (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 (hereinafter referred to as the principal regulations), for regulation 11, the following shall be substituted, namely--

Disciplinary Proceedings.

11. The disciplinary proceedings shall be conducted in accordance with the provisions of Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017.

3. In the principal regulations, in the First Schedule,

(i) after clause 8A, the following clauses shall be inserted, namely--

8B. An insolvency professional shall disclose his relationship, if any, with the corporate debtor, other professionals engaged by him, financial creditors, interim finance providers, and prospective resolution applicants to the insolvency professional agency of which he is a member, within the time specified hereunder :