TMI BlogInsolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022X X X X Extracts X X X X X X X X Extracts X X X X ..... and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 , namely:- 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022. (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 (Insolvency Professionals) Regulations, 2016 (hereinafter referred to as the principal regulations ), for regulation 11 , the following shall be substituted, namely:- Disciplinary Proceedings. 11. The disciplinary proceedings shall be conducted in accordance with the provisions of Insolvency and Bankruptcy Board of India (Inspection and Investigation) Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any, of the other professionals engaged by him with himself, the corporate debtor, the financial creditor, the interim finance provider, if any, and the prospective resolution applicant, to the insolvency professional agency of which he is a member, within the time specified as under: Relationship of the other professional with Disclosure to be made within three days of (1) (2) Insolvency professional the appointment of the other professional. Corporate debtor the appointment of the other professional. Financial creditors constitution of committee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... use, sibling of self and spouse, and children) of the insolvency professional or the other professional, as the case may be, has a relationship of kind A or B with the related party. D Where the insolvency professional or the other professional, as the case may be, is a partner or director of a company, firm or LLP, such as, an insolvency professional entity or registered valuer, the relationship of kind A, B or C of every partner or director of such company, firm or LLP with the related party. 8D. An insolvency professional shall ensure timely and correct disclosures by him, and other professionals appointed by him and shall provide a confirmation to the insolvency professional agency ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iance of any provision of the laws applicable on the corporate person while conducting the insolvency resolution process, fast track insolvency resolution process, liquidation process or voluntary liquidation process, under the Code. RAVI MITAL, Chairperson [ADVT.-III/4/Exty./159/2022-23] Note: The Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 were published vide notification No. IBBI/2016-17/GN/REG003 dated 23rd November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 424 on 23rd November, 2016 and were last amended by the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2021 published vide notification No. I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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