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of <h1>IBBI Circular Requires IPAs to Set Clear Penalty Ranges for Members, Ensuring Consistency and Objectivity in Enforcement.</h1> The Insolvency and Bankruptcy Board of India has issued a circular mandating that Insolvency Professional Agencies (IPAs) amend their bye-laws to specify maximum and minimum monetary penalties for professional members. These penalties, decided by the Disciplinary Committee, address various contraventions such as failing to submit disclosures, accepting assignments with conflicts of interest, and not maintaining records properly. Penalties range from Rs. 50,000 to Rs. 2,00,000 or 25% of fees, whichever is higher. The circular aims for uniformity and objectivity in penalties and is effective immediately under the Insolvency and Bankruptcy Code, 2016.
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