IBBI Amends Regulations Relating To 'Model ByeLaws & Governing Board of Insolvency Professional Agencies', w.e.f. 31st January 2024

The Regulation 12A of IPA Regulations deals with Authorisation for Assignment. The sub clause 6 of Regulation 12A states that, “An authorisation for assignment issued or renewed by the Agency shall be valid for a period of one year from the date of its issuance or renewal, as the case may be, or till the date on which the professional member attains the age of seventy years, whichever is earlier.”

The IBBI has amended the IPA Regulations and in Schedule, in para VI, in clause 12A, for sub-clause (6), the following sub-clause shall be substituted, namely:

“(6) An authorisation for assignment issued or renewed by the Agency shall be valid for a period of one year from the date of its issuance or renewal, as the case may be:

Provided that an authorisation for assignment issued or renewed by the Agency shall be valid till 30th of June of the year where the expiry of the period of one year falls from 1st of January to 30th of June, or till 31st of December of the year where the expiry of the period of one year falls from 1st of July to 31st of December:

Provided further that if the professional member attains the age of seventy years during this period, the authorisation for assignment shall be valid till such date.”

Ref: No.: IBBI/2023-24/GN/REG111

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