Approvals under s.153D found mechanical and invalid; s.153A/s.153D assessments quashed; s.68 additions deleted where books rejected and s.144 best-jud...
Notification introduces the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2025, effective upon publication in the Official Gazette. It inserts Regulation 7B into the 2016 Regulations, limiting an individual insolvency professional (not an insolvency professional entity) to a maximum of ten assignments at any time across corporate insolvency resolution and liquidation processes, with no more than three assignments involving admitted claims exceeding INR 1,000 crore each. Professionals already above these limits on commencement cannot accept new assignments until they fall below the cap. The amendment also revises the Code of Conduct, requiring prior approval of the Adjudicating Authority in clause 6 and omitting the clarification to clause 22.
Notification introduces the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2025, effective upon publication in the Official Gazette. It inserts Regulation 7B into the 2016 Regulations, limiting an individual insolvency professional (not an insolvency professional entity) to a maximum of ten assignments at any time across corporate insolvency resolution and liquidation processes, with no more than three assignments involving admitted claims exceeding INR 1,000 crore each. Professionals already above these limits on commencement cannot accept new assignments until they fall below the cap. The amendment also revises the Code of Conduct, requiring prior approval of the Adjudicating Authority in clause 6 and omitting the clarification to clause 22.
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