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of <h1>India Revises Insolvency Regulations: New Experience Criteria, Regulation 9 Omitted, Compliance Deadline Set for Dec 31, 2021.</h1> The Insolvency and Bankruptcy Board of India issued the Second Amendment to the Insolvency Professionals Regulations, 2021, effective upon publication in the Official Gazette. Key changes include revised experience requirements for insolvency professionals, specifying ten years in law or management with relevant degrees, or fifteen years in management with a bachelor's degree. Regulation 9 is omitted, and modifications to regulation 12 require compliance with new equity share provisions by December 31, 2021. The Board must acknowledge applications within seven days and may request further documents. A certificate of recognition is issued within sixty days if eligibility is confirmed. A professional may handle up to ten assignments, with restrictions on high-value claims.
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