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of <h1>IBBI Discontinues Temporary Surrender of Membership for Insolvency Professionals Effective July 2019 under New Regulations.</h1> The Insolvency and Bankruptcy Board of India (IBBI) issued a clarification regarding the temporary surrender of professional membership for insolvency professionals. According to the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, as amended by Notification No. IBBI/2019-20/GN/REG043, the provision for temporary surrender of professional membership has been discontinued. This change is effective from July 23, 2019, and aligns with the introduction of the 'Authorisation for Assignment' provision. The clarification is issued under the authority granted by the Insolvency and Bankruptcy Code, 2016.
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