TMI BlogInsolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, namely:- 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019. (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 (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (hereinafter referred to as the principal regulati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n an authorisation for assignment, if he- (a) is registered with the Board as an insolvency professional; (b) is a fit and proper person in terms of the Explanation to clause (g) of regulation 4 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016; (c) is not in employment; (d) is not debarred by any direction or order of the Agency or the Board; (e) has not attained the age of seventy years; (f) has no disciplinary proceeding pending against him before the Agency or the Board; (g) complies with requirements, as on the date of application, with respect to- (i) payment of fee to the Agency and the Board; (ii) filings and d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d of an order of rejection of his application by the Agency may appeal to the Membership Committee within seven days from the date of receipt of the order. (8) The Membership Committee shall pass an order disposing of the appeal by a reasoned order, within fifteen days of the date of receipt of the appeal. ; (iv) after clause 23, the following clause shall be inserted, namely: - 23A. The authorisation for assignment shall stand suspended upon initiation of disciplinary proceedings by the Agency or by the Board, as the case may be. ; (v) in clause 24, in sub-clause (2), after item (b), the following item shall be inserted, namely:- (ba) cancellation of authorisation for assignment; ; ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndia as an insolvency professional with registration no. [insert number] under the Insolvency and Bankruptcy Code, 2016. 2. This authorisation is valid from [insert date] to [insert date]. / This authorisation is renewed on [insert date] and is valid till [insert date]. (Strike off if not applicable). Sd/- For and on behalf of [name of insolvency professional agency] Place: .. Date: . Dr. M. S. Sahoo Chairperson [ADVT . - ________] Note: The Insolvency and Bankruptcy Board of India (Model Bye Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 were published vide notification No. IBBI/2016 -17/GN/REG001 dated 21st Novem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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