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of <h1>Insolvency Professionals Must Obtain Assignment Authorization; New Rules on Employment and Conflict Disclosures Effective July 23, 2019.</h1> The Insolvency and Bankruptcy Board of India issued amendments to the Insolvency Professionals Regulations, 2016, effective from July 23, 2019. Key changes include the introduction of 'authorisation for assignment,' mandatory for professionals undertaking assignments post-December 31, 2019. The amendments require insolvency professional agencies to promptly inform the Board about the issuance, renewal, suspension, or cancellation of such authorisations. New regulations prohibit professionals from engaging in employment while holding a valid authorisation and restrict post-assignment employment with related parties for one year. Additionally, professionals must disclose conflicts of interest and avoid engaging relatives in assignments.
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