TMI BlogReview of RegulationsX X X X Extracts X X X X X X X X Extracts X X X X ..... er to facilitate Insolvency Professionals to carry out processes under the Code. 2. The Board conducted an exercise of review of regulations, circulars based on experience gained. It is observed that certain circulars are no longer required on account of being already provided in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 [IP Regulation] or the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 [Model Bye-Laws Regulations] or the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 [IU Regulations], as the case may be. 3. Accordingly, it has been decided to rescind circular ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enalty, if any, because of non-compliance of applicable laws, shall not form part of IRPC or liquidation process cost under the Code. Further, IP will be responsible for the non-compliance of applicable laws if it is because of his conduct. Clauses 27A and 27B of Code of Conduct specified in First Schedule to IP Regulations. 3 No. IP/003/2018 Dated January 3, 2018 IP not to outsource his responsibilities. It was directed that an IP shall not outsource any of his duties and responsibilities under the Code. Already covered under regulation 7 (2) (bb) of IP Regulations. 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disseminate such disclosures on its website within stipulated timeframe. Part of the provisions already covered under Regulation 40B of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 [CIRP Regulations] . Clauses 8A, 8B, 8C and 8D of the Code of Conduct specified in First Schedule to IP Regulations have been inserted. Clause 6 (3) in Schedule to the Model Bye Laws Regulations have been inserted. 6 No. IP(CIRP)/007/2018 Dated February 23, 2018 Confidentiality of information relating to processes under the Code It was directed that an IP, whether acting as IRP, RP or Liquidator, except to the ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vember, 2022 under Regulation 7(3) of Model Bye-Laws amended. 9 No. IBBI/IPA/43/2021 Dated July 28, 2021 Monetary Penalties to be imposed by an Insolvency Professional Agency It issued directions upon IPAs to amend their Bye-laws to provide for the maximum and minimum monetary penalty, in stipulated circumstances. Clause 24(2)(d) of the schedule to the Model Bye-Laws Regulations has been amended. 10 No: LA/010/2018 Dated April 23, 2018 Commencement of Disciplinary Proceeding It was clarified that (i) a disciplinary proceeding is considered as pending against an IP ..... X X X X Extracts X X X X X X X X Extracts X X X X
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