Rescission of circulars streamlines insolvency compliance; rely on existing regulations and follow updated regulatory provisions. The Board found several prior circulars redundant because their operative provisions are already provided in existing regulations; it has therefore decided to rescind the listed circulars with immediate effect and directs Insolvency Professionals, Insolvency Professional Entities, Insolvency Professional Agencies, and the Registered Information Utility to note the rescission and follow the provisions of the relevant regulations. The Annexure lists eleven rescinded circulars with brief subjects and the corresponding regulatory incorporations.
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.
Rescission of circulars streamlines insolvency compliance; rely on existing regulations and follow updated regulatory provisions.
The Board found several prior circulars redundant because their operative provisions are already provided in existing regulations; it has therefore decided to rescind the listed circulars with immediate effect and directs Insolvency Professionals, Insolvency Professional Entities, Insolvency Professional Agencies, and the Registered Information Utility to note the rescission and follow the provisions of the relevant regulations. The Annexure lists eleven rescinded circulars with brief subjects and the corresponding regulatory incorporations.
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