IBBI Amends Model Bye-Laws Regulations For Insolvency Professional Agencies

The Model Bye Laws Regulations lay down the governance structure and provides for model bye laws of the Insolvency Professional Agencies (IPA). The IBBI had issued three circulars, namely, (i) Circular No. IP/005/2018 dated 16.01.2018 specifying the format for disclosure of relationship by the insolvency professional; (ii) Circular no. IPA/009/2018 dated 19.04.2018 mandating IPAs to submit Annual Compliance Certificate in the format given in the circular; and (iii) Circular No. IBBI/IPA/43/2021 dated 28.07.2021 specifying the list of contraventions by IP and the amount of penalty to be imposed by IPAs.

The second amendment incorporates the aforesaid three Circulars in the amended Model Bye Laws Regulations and the said circulars stand rescinded. By the said amendment, no change in the list of contraventions by the IP and the amount of monetary penalties has been introduced, as contained in the circular no. IBBI/IPA/43/2021 dated 28.07.2021.

Notification No.: IBBI/2022-23/GN/REG101

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