TMI BlogINSOLVENCY AND BANKRUPTCY BOARD OF INDIA (GRIEVANCE AND COMPLAINT HANDLING PROCEDURE) REGULATIONS, 2017X X X X Extracts X X X X X X X X Extracts X X X X ..... INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (GRIEVANCE AND COMPLAINT HANDLING PROCEDURE) REGULATIONS, 2017 - By: - Mr. M. GOVINDARAJAN - Corporate Laws / IBC / SEBI - Dated:- 14-12-2017 - - In exercise of the powers conferred under sections 196 (powers and functions of the Board), 217 (inspection and investigation), read with section 240 (power to make regulations), the Insolvency and Bankruptcy Board of India ( IBBI for short) made the regulation called as Insolvency and Bankruptcy Board of India (Grievance and Complaint handling Procedure) Regulations, 2017 ( Regulations for short). These regulations came into effect from 06.12.2017. Grievance Regulation 2(h) defines the term grievance as a written expression by a stakeholde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of his suffering on account of conduct of a service provider or its associated persons. Regulation 2(j) defines the expression stakeholder as a- debtor, creditor, claimant, a service provider, a resolution applicant and any other person having an interest in the- insolvency, liquidation, voluntary liquidation; or bankruptcy transaction under the Code. Section 2(i) defines the expression service provider as- an insolvency professional agency, an insolvency professional, an insolvency professional entity, or an information utility. Section 2(b) defines the expression associated person as a proprietor, partner, director, officer or an employee of a service pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vider, a professional or a valuer engaged by a service provider or any other person acting for or on behalf of a service provider. Complaint Section 2(e) defines the term complaint as a written expression by a stakeholder alleging contravention of any provision of the Code or rules, regulations or guidelines made there under or circulars or directions issued by the Board by a service provider or any of its associated persons and includes a complaint-cum-grievance. Section 2(f) defines the expression complaint-cum-grievance as a complaint and grievance in the same matter. Filing of grievance The following is the procedure of filing grievance with the Board- A stakeholder, who wishes to file a grievance, shall fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le it with the Board. A grievance shall state- details of identity of the aggrieved; details of identity of the service provider; details of the conduct of the service provider that has caused the suffering of the aggrieved; details of suffering, whether pecuniary or otherwise, the aggrieved has under gone; how the conduct of the service provider has caused the suffering of the aggrieved; details of his efforts to get the grievance redressed from the service provider and why the response, if any, of the service provider is not satisfactory; and how the grievance may be redressed. The grievance may be filed with forty five days of the occurrence of the cause of the action for the grievance. A grie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vance may be filed after the aforesaid period, if there are sufficient reasons justifying the delay, but such period shall not exceed 30 days. A grievance shall be filed with the Board online; A grievance shall be filed by mail at complaintandgrievances@ibbi.gov.in or by post or hand delivery at the Office of the Board, until the Board provides a facility for online filing of grievances. A stakeholder filing a grievance shall disclose its identity in the grievance and also identity of the authorized representative, who is authorized to file it. A stakeholder filing a grievance may request the Board to keep its identity confidential and in that case the Board shall keep in confidential unless its disclosure its necessary for proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing the grievance under any law. Where the Board is in respect of more than one grievance in the same matter, it may club such grievances together for their disposal. The Board shall assign a unique registration number to every grievance and communicate the said registration number to the aggrieved within a week of its receipt. The Board shall not take any cognizance of any anonymous grievance. Disposal of grievance The following is the procedure to be adopted by the Board in disposal of a grievance- The Board may seek additional information and records from the aggrieved and information and records from the concerned service provider to decide if the grievance requires any redress by the service provider. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aggrieved and the service provider shall submit the information and records sought within 15 days. The Board shall close the grievance within forty five days of its receipt if it does not require any redress. The Board shall direct the service provider to redress the grievance within forty five days of its receipt if it requires any redress. Filing of a complaint The following is the procedure for filing a complaint by a complainant before the Board- A stakeholder, who wishes to file a complaint, shall file it with the Board in Form A. The following information is to be given in Form A- Name of the complainant; Identify of the complainant Aadhar No. /CIN Name of the authorized representative, if com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plaint is filed on behalf of the complainant; Identity of authorized representative Aadhar No. Complete address for correspondence with complainant/authorized representative (along with email id and phone no.) Name of the service provider/its associated persons complained against; Identity of the service provider Aadhar No/CIN (if known) Complete address of the service provider (along with email id and phone no) Details of the alleged contravention of any provisions of the Code or rules, regulations or guidelines made there under or circulars or directions issued by the Board by a service provider or its associated persons; Details of alleged conduct or activity of the service provider or its associated perso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns, along with date and place of such conduct or activity, which contravenes the provisions of the law; Details of suffering, whether pecuniary or otherwise, the complainant has undergone; How the conduct or activity of the service provider or its associated persons has caused the suffering of the complainant or to any other stakeholder; Details of evidence in support of alleged contravention; Is complaint being filed within forty five days of the occurrence of the cause of action for the complaint?If not explain the reasons for delay. Whether the fee of ₹ 2500/- has been paid? The bank account number and details of the complainant to which the fee can be refunded; Whether the complainant wishes to keep its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... identity confidential? List of documents attached in support of the complaint. Any other details in support of the complaint. A complaint shall be filed within forty five days of the occurrence of the cause of action for the complaint. A complaint may be filed after the aforesaid period, if there are sufficient reasons justifying the delay, but such period shall not exceed 30 days. A complaint shall be filed with the Board online.A complaint shall be filed by mail at complaintsandgrievances@ibbi.gov.inor by post or hand delivery at the office of the Board until he Board provides a facility for online filing of grievances and complaints. A stakeholder filing a complaint shall disclose its identity in the compl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aint and also the identity of the authorized representative, who is authorized to file it. A stakeholder filing a complaint may request the Board to keep its identity confidential and in that the case the Board shall keep it confidential unless its disclosure is necessary for the processing of the complaint under any law. Where the Board is in receipt of more than one complaint in the same matter, it may club such complaints together for their disposal. The Board shall assign a unique registration number to every complaint and communicate the said registration number to the complainant within a week of its receipt. The Board shall not take any cognizance of any anonymous complaint. Disposal of complaint The following i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the procedure for disposal of the complaint- The Board may seek additional information and records from the complainant and the concerned service provider to form aprima facie view whether the contravention alleged in the complaint is correct. The complainant and the service provider shall submit the information and records within fifteen days. The Board shall form an opinion whether there exists a prima facie case within 45 days of the receipt of the complaint. The Board shall close the complaint if it is of the opinion that there does not exist a prima facie case and communicate the same to the complainant. If the complainant is not satisfied with the decision of the Board he may request a review of such decision. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Board shall dispose of the review within 45 days of the receipt of the request for review by an order with an opinion whether exists a prima facie case. If the Board is of the opinion that there exists a prima facie case it may order an inspection , order an investigation or issue a show cause notice as may be warranted. If the Board is of the opinion that the complaint is not frivolous, it shall refund the fee of ₹ 2,500/- received. Statistics The Board shall periodically disclose the summary statistics about receipt and disposal of grievances and complaints on its web site. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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