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INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (ADVISORY COMMITTEE) REGULATIONS 2017 AN OVERVIEW

Other Topics - By: - Mr.M. GOVINDARAJAN - Dated:- 2-3-2017 - The Insolvency and Bankruptcy Board of India ( Board for short) made the Insolvency and Bankruptcy Board of India (Advisory Committee) Regulations, 2017 ( Regulations for short) in exercise of powers conferred by Section 197 read with Section 240 of the Insolvency and Bankruptcy Code, 2016 ( Code for short) vide Notification No. IBBI/2016-17/GN/REG008, dated 30.01.2017. These regulations came into effect from 31.01.2017. Advisory Comm .....

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composition of the Advisory Committee and the broad issues under its purview. The Advisory Committee may advise the Board on any issue under its purview on its own and shall advise and provide professional support on any issue on a request from the Board. Committees Regulation 3(2) provides that the Board may constitute the following committees- Advisory Committee on service providers; Advisory Committee on Corporate Insolvency and Liquidation; Advisory Committee on Individual Insolvency and Ban .....

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ere that no person shall be a member of more than one Advisory Committee at any point of time. The Board shall designate one of the general members of the Advisory Committee as its Chairperson and one of its senior officers as Secretary to the Advisory Committee. The Secretary shall have the right to speak, but not vote on any issue in the meetings of the Advisory Committee. Tenure The term of a member shall not exceed 3 years. A person shall be eligible for reappointment as member of the same o .....

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hat a member of the committee shall be entitled to a sitting fee of ₹ 10,000/- for a meeting in addition to the reimbursement of expenses on his travel and accommodation for attending the meetings of the committee at par with the entitlement of Secretary to Government of India. Conduct Regulation 7 provides that no member of the Advisory Committee shall communicate to the press or to any other public media on issues that have been considered or are under consideration of the Committee. A m .....

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