Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2020. - IBBI/2020-21/GN/REG061 - Insolvency and Bankruptcy
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Objective of Insolvency Professional Entities redefined: support services to insolvency professionals now sole permitted purpose. The amendment substitutes regulation 12(1)(a) to provide that such entities' sole objective is to provide support services to insolvency professionals, thereby restricting their permissible purpose to ancillary support for insolvency practice and clarifying the scope of activities allowed under the Insolvency Professionals regulatory framework.
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.
Objective of Insolvency Professional Entities redefined: support services to insolvency professionals now sole permitted purpose.
The amendment substitutes regulation 12(1)(a) to provide that such entities' sole objective is to provide support services to insolvency professionals, thereby restricting their permissible purpose to ancillary support for insolvency practice and clarifying the scope of activities allowed under the Insolvency Professionals regulatory framework.
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