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of <h1>IBBI Amends 2016 Regulations: Automatic Authorization if No Action in 30 Days, Appeal Rejections Within 30 Days.</h1> The Insolvency and Bankruptcy Board of India (IBBI) issued an amendment to the Model Bye-Laws and Governing Board of Insolvency Professional Agencies Regulations, 2016, effective from March 28, 2020. The amendment, valid until September 30, 2020, stipulates that if an agency does not issue, renew, or reject an application for authorization within 30 days, it will be deemed approved. Additionally, applicants can appeal rejected authorizations within 30 days. The amendment was published online due to a nationwide lockdown, with plans for official Gazette publication later. The changes aim to facilitate insolvency professionals without adverse effects.
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