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Amendments In IBBI Regulations, 2017

Amendments In IBBI Regulations, 2017:

The Insolvency and Bankruptcy Board of India has amended Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 and the Insolvency and Bankruptcy Board of India (Inspection and Inspection and Investigation) Regulations, 2017.

Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017:

  • It provides a mechanism for redressal of complaints and grievances filed against insolvency professionals, insolvency professional agencies and information utilities.
  • Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017:
  • It provides a mechanism for carrying out inspections and investigations on insolvency professional agencies, insolvency professionals and information utilities and passing orders by Disciplinary Committee.

Highlights of the Amendment:

  • Revisions in various timelines related to enforcement process provided in the (Grievance and Complaint Handling Procedure) Regulations, 2017 and (Inspection and Investigation) Regulations, 2017 for addressing the issue of delay in present mechanism.
  • Effective participation of IPAs (Insolvency Professional Agency) in regulating the IPs (Insolvency Professional) through examination of grievances received against IPs.
  • Intimation to Committee of Creditor (CoC)/ Adjudicating Authority (AA) about the outcome of Disciplinary Committee (DC) order.
  • Reason for Amendment:
    • To have expeditious redressal and also to avoid placing an undue burden on the service providers.

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