Duty to report divergent liquidation decisions: liquidators must record reasons and submit reports on the Board portal.
Liquidators must record in writing any decision that departs from the Stakeholders' Consultation Committee's advice, state reasons for the divergence, and submit the written reasons and related records to the Adjudicating Authority and to the Board and include them in the next progress report. The Board has provided an electronic proforma on its website for such reporting, and insolvency professionals are directed to use that proforma.

Fee revision for insolvency professionals: increased application, annual and regulatory levies now payable to the IBBI under amended regulations.
The Insolvency and Bankruptcy Board of India has amended regulations to revise one time application, periodic renewal and annual fees for Insolvency Professionals and Insolvency Professional Entities, and has introduced specified regulatory fee levies related to approved resolution plans and costs for hiring professionals; the circular prescribes applicable forms, submission modes and bank payment details where online modules are not yet implemented.

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 The Annexure lists eleven rescinded circulars with brief subjects and the corresponding regulatory incorporations.

Annual Compliance Certificate requirement: insolvency professional agencies must file revised certificate annually confirming regulatory compliance.
The Board requires registered Insolvency Professional Agencies to have a designated compliance officer submit a revised Annual Compliance Certificate, signed by the compliance officer and managing director, verifying adherence to the Code, Board regulations, circulars and guidelines. The prescribed Annexure and Appendix set out a detailed checklist across Parts A-E addressing member admission, monitoring, grievance and disciplinary processes, governance and bye laws, board composition, managing director appointment, infrastructure, financial thresholds and reporting; the certificate must be filed within forty five days of the financial year end.

Vires challenges: insolvency professionals must notify the regulator so it can consider impleading to defend Code provisions.
Insolvency professionals must notify the Insolvency and Bankruptcy Board of India of any current or future cases contesting the vires, interpretation or applicability of the Code, Rules or Regulations, providing case papers and brief issues; pending cases were to be submitted to the Board's designated email by September 2022 and future cases must be reported promptly to enable the Board to consider impleading and defending the statutory scheme.

Examination fee revision raises enrolment cost for Limited Insolvency and Valuation Examinations effective October onwards.
Revision of examination fees increases the per enrolment charge for the Limited Insolvency Examination and Valuation Examinations, payable for each enrolment on or after 1 October 2022; the change applies to all candidates and examination stakeholders and is issued under the statutory regulatory powers of the Insolvency framework and valuation rules.

Information Utility obligations: forward insolvency applications, notify creditors and require applicants to file information of default for ROD processing.
Board directs forwarding of insolvency applications to the Information Utility, which shall inform other creditors, issue a notice to the applicant to file information of default in the specified IU Regulations format, and process that information for issuing a Record of Default under the IU Regulations; the circular is issued under statutory authority and is immediately effective.

Exam attempt frequency revised to include a cooling-off period between attempts and a capped annual attempt limit.
The circular requires a mandatory cooling-off period between consecutive attempts for each candidate in the Limited Insolvency Examination and Valuation Examinations, producing a capped number of attempts within any twelve-month period. The requirement applies to examinations conducted under the Insolvency and Bankruptcy Board's regulatory framework and the Valuation Rules, and must be implemented by test administrators, professional agencies, registered valuer organisations and candidates for examinations held after the prescribed publication period.

Rescission of circulars: duplicate circulars withdrawn as their requirements are subsumed by existing insolvency regulations.
The Board rescinds specified circulars because their operative provisions are already incorporated in the IBBI Regulations governing the Insolvency Resolution Process for Corporate Persons and the Insolvency Professionals Regulations; rescinded topics include confidentiality, authorised representatives for creditor classes, CoC notice and voting procedures, voting conduct, process-specific voting conduct, and retention of records, with the rescission effective immediately as part of regulatory consolidation.

Applicability of Amendment Regulations limited to liquidation processes commencing after notification; circular withdrawn for clarity.
The Board notifies that the provisions of regulations 2A, 21A, 31A and 44 as amended or inserted by the 2019 Amendment Regulations apply only to liquidation processes commencing on or after the 2019 notification date, withdraws the earlier circular of 26 August 2019 on applicability, and states the withdrawal is effective immediately under the Board's statutory powers.

Temporary surrender of professional membership ceases to exist, replaced by Authorisation for Assignment under IBBI model bye laws.
Temporary surrender of professional membership under the model bye laws no longer operates following substitution of the relevant bye law provision; the introduced Authorisation for Assignment replaces that mechanism as the governing regulatory arrangement for insolvency professionals.