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NOV 24, 2016

MCA Notifies Regulations Related to Insolvency Professional Agencies

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MCA vide Notification dated November 21, 2016 has notified the following regulations under the Insolvency and Bankruptcy Code, 2016:-

Key contents of the Regulations

Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 specified the following things:-

  1. Composition of Governing Board of an Insolvency Professional Agency;
  2. Model Bye-laws of an Insolvency Professional Agency which mainly consists following things:-
    • Duties and functions of Insolvency Professional Agency;
    • Process of enrolment as professional member i.e. Insolvency Professional;
    • Constitution of various committees like Advisory Committee, Monitoring Committee, Grievance Redressal Committee, Disciplinary Committee and membership committee;
    • Process for surrender of membership or temporary surrender and expulsion from membership of a professional member.
  3. Manner and procedure for Amendment in Bye-laws;

Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016 specified the following things:-

  1. Eligibility criteria for registration of Insolvency Professional Agency (IPA) with the Insolvency and Bankruptcy Board of India (IBBI);
  2. Manner and procedure for registration as an Insolvency Professional Agency;
  3. Manner and procedure for surrender of registration;
  4. Manner and procedure for disciplinary proceedings against Insolvency Professional Agency.