IBBI Rescinds Circulars Pertaining To Insolvency Professionals

Brief background

The IBBI had issued the following circulars in order to facilitate Insolvency Professionals to carry out processes under the Insolvency and Bankruptcy Code, 2016 ("IBC"):

1. Circular No. IP/001/2018 Dated January 3, 2018 for Use of Registration Number etc.
2. Circular No. IP/002/2018 Dated January 3, 2018 for IP to ensure compliance with provisions of the applicable laws.
3. Circular No. IP/003/2018 Dated January 3, 2018 for IP not to outsource his responsibilities.
4. Circular No. IP/004/2018 Dated January 16, 2018 for Fees payable to IP and to other professionals appointed by the IP.
5. Circular No. IP/005/2018 Dated January 16, 2018 for Disclosures by IPs and other Professionals appointed by IPs conducting Resolution Processes.
6. Circular No. IP(CIRP)/007/2018 Dated February 23, 2018 for Confidentiality of information relating to processes under the Code.
7. Circular No. IBBI/IP/021/2019 Dated May 2, 2019 for Surrender of Membership.
8. Circular No. IPA/009/2018 Dated April 19, 2018 for Annual Compliance Certificate for Insolvency Professional Agencies.
9. Circular No. IBBI/IPA/43/2021 Dated July 28, 2021 for Monetary Penalties to be imposed by an Insolvency Professional Agency.
10. Circular No: LA/010/2018 Dated April 23, 2018 for Commencement of Disciplinary Proceeding.
11. Circular No. IBBI/IU/025/2019 Dated September 7, 2019 for Statutory Repositories under regulation 21(2)(c)(ii) of IBBI (Information Utilities) Regulations, 2017.

The IBBI opined that the aforementioned circulars are no longer required on account of being already provided in the Insolvency Professionals Regulations, Model Bye-Laws Regulations, and the Insolvency and Information Utilities Regulations. These circulars have been rescinded with immediate effect.

Circular No.: IBBI/IP/55/2022

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