Service providers and creditor conduct standards updated under insolvency law amendment, with clarified fee-levy powers. Section 196 of the Insolvency and Bankruptcy Code is amended to replace repeated references to insolvency professional agencies, insolvency professionals and information utilities with the broader expression service providers. The amendment also clarifies that the Board's power to levy fee or other charges includes charges connected with processes under the Code, and empowers the Board to prescribe standards of conduct and decision timelines for the committee of creditors and its members under Part II and Part III.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Service providers and creditor conduct standards updated under insolvency law amendment, with clarified fee-levy powers.
Section 196 of the Insolvency and Bankruptcy Code is amended to replace repeated references to insolvency professional agencies, insolvency professionals and information utilities with the broader expression service providers. The amendment also clarifies that the Board's power to levy fee or other charges includes charges connected with processes under the Code, and empowers the Board to prescribe standards of conduct and decision timelines for the committee of creditors and its members under Part II and Part III.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.