Compliance certificate requirement now demands managing director signature; agencies must publish relationship disclosures and enforce penalties.
The regulations require the compliance officer to submit an annual compliance certificate in Board format which must also be signed by the managing director. Agencies must facilitate and publish professional relationship disclosures on their websites within three working days, obtain confirmations that appointments of other professionals are at arm's length, treat disciplinary proceedings as pending from issuance of a show cause notice until disposal, and enforce a specified schedule of monetary penalties for enumerated contraventions.

Eligibility for enrollment: recognised insolvency professional entities may join as members only if eligible for registration as insolvency professionals.
Regulatory amendments permit recognised insolvency professional entities to be enrolled as professional members only if they are eligible for registration as an insolvency professional, expand eligibility language to include such entities, require disclosure of partners or directors for entity members, exempt certain informational items for entities registered as insolvency professionals, and replace gendered pronouns with neutral, entity appropriate pronouns across the bye laws.

Insolvency professional entity registration expanded, subject to fit-and-proper checks and Form AA application requirements.
Recognised insolvency professional entities may apply to be registered as insolvency professionals provided the entity and any partner or director are fit and proper; eligibility is governed by amended regulation 4. Applications must be filed in Form AA with the prescribed non refundable fee and include a certified board/partners' resolution, certificate of recognition and professional membership, affirmations of compliance with regulations 12 and 13, disclosures on corporate relationships, and undertakings to comply with the Code. Only authorised partners or directors who are insolvency professionals may sign and act for an entity, and false or misleading information may lead to summary cancellation of registration or derecognition.

Fee and reporting obligations: increased renewal periodicity, higher contribution rates, and new quarterly reporting for insolvency professionals.
Amendments effective 1 October 2022 revise registration periodicity and strengthen fee, contribution and reporting obligations for insolvency professionals and insolvency professional entities. Renewal periodicity reference is increased to twenty years; regulation 7 prescribes five-year renewal fee cycles, elevates entity and individual fee rates, substitutes the professional-fee contribution rate to one per cent., and introduces a quarterly fee for entities under regulation 7(2)(cb) payable within thirty days with a corporate-debtor-wise statement in Form EA. Form G is substituted to accommodate annual entity reporting and payment reconciliation.

Regulatory fee on resolution plans where recoveries exceed liquidation value, plus fee on professional service costs payable to Board.
A regulatory fee is payable to the Board where an approved resolution plan yields a realisable value to creditors exceeding liquidation value, applicable to plans approved on or after the commencement date. Additionally, a regulatory fee is payable on the portion of insolvency resolution process costs for hiring professionals or other services by the interim resolution professional or resolution professional, with payment to be made in the manner specified for insolvency professional fee collections.

Information utility fee obligation revised: higher turnover-based fee and interest on delayed payment effective October.
Amendment raises monetary thresholds in Regulations 4 and 6 of the Information Utilities Regulations, 2017 and prescribes that an information utility must pay an annual fee equal to ten percent of turnover from information utility services for the preceding financial year on or before 30 April each year, with simple interest payable on delayed payments; the amendments take effect from 1 October 2022.

Preservation of records in voluntary liquidation requires secure retention of electronic and physical records and production to authorities.
The liquidator must preserve copies of all records necessary to give a complete account of the voluntary liquidation process, including appointment papers, handover records, initiation and public announcement, claims and verification, stakeholder lists, engagement of professionals and valuers, filings and orders with courts and authorities, statutory filings, correspondence, costs, and statutory reports and registers; maintain electronic and physical copies for prescribed minimum periods from the date of dissolution before the Board, adjudicating or appellate authorities or courts; hand over records on replacement; securely store and produce records on request; and include preservation details in the relevant application, with coverage extending to periods during which the liquidator acted.

Liquidation process rules tightened with revised claims handling, consultation committee powers, auction timelines, and record-preservation duties
The liquidation regulations are amended to tighten timelines, align liquidation claims and procedures with the corporate insolvency resolution process, and expand the consultation committee's role. The liquidator must verify claims collated during resolution but not resubmitted in liquidation, operate the process email account, and follow revised reporting, auction, asset memorandum, and record-preservation requirements. The consultation committee is constituted on defined timelines, receives broader advisory functions, and may propose replacement of the liquidator by a sixty-six per cent vote subject to consent and application requirements.

Process email continuity requirement secures stakeholder communication and transitions between resolution professionals in insolvency proceedings.
The amendments require a dedicated process e-mail to be opened and transferred between interim and successor resolution professionals; mandate sending communications to creditors along with the public announcement where contact information exists; extend and recalibrate various procedural timelines including submission of the information memorandum to the ninety-fifth day and filing of applications on preferential transactions by the one hundred and thirtieth day; expand information memorandum disclosures to include contingent liabilities, geographic coordinates of fixed assets and a company overview; permit asset-sale RFRPs if no resolution plans are received; require a marketing strategy for sizable corporates and mandate committee assessment of compromise or arrangement before liquidation.

Fee-sharing prohibition: insolvency professionals must not accept or share fees with appointed professional or support service providers.
An amendment adds clause 26A to the First Schedule of the 2016 Regulations: an insolvency professional shall not accept or share any fees or charges from any professional or support service provider appointed under the processes, establishing an express prohibition on fee-sharing with appointed service providers.

Resolution professional fees set with minimum fixed amounts and performance-linked incentives for timely and value-maximising resolutions.
Regulation 34B prescribes that fees of interim resolution professionals and resolution professionals are to be decided by the applicant or committee but shall not be less than statutory minimums for appointments on or after 1 October 2022; minimum fixed fees are set by admitted-claims bands and apply until plan submission, liquidation application, withdrawal, or closure. Performance-linked incentives include time-based percentages of the realisable value for timely submission and a one percent incentive on value realised above liquidation value. Fees may be paid from debtor funds, applicant or committee contributions, or interim finance and form part of the insolvency resolution process cost.

Fast Track Corporate Insolvency Resolution: startups (excluding partnership firms) now eligible under amended notification under Insolvency and Bankruptcy Code.
Amendment substitutes clause (b) of the principal Fast Track notification to provide that a Startup, other than a partnership firm, as defined in the Government of India notification of 19th February, 2019 (and as amended), is eligible for the Fast Track Corporate Insolvency Resolution process under the Insolvency and Bankruptcy Code.

Disciplinary proceedings now governed by Inspection and Investigation Regulations, aligning IPA discipline with investigation procedure.
Disciplinary proceedings shall be conducted in accordance with the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017, by virtue of the substitution of regulation 8 in the Insolvency Professional Agencies Regulations, 2016; the Amendment takes effect on publication in the Official Gazette.

Disclosure obligations require insolvency professionals to report relationships and ensure arm's length appointments; billing and compliance duties strengthened.
The amendments require insolvency professionals to disclose relationships with corporate debtors, other professionals, financial creditors, interim finance providers and prospective resolution applicants to their professional agency within prescribed short timelines; corresponding disclosures by other professionals are required. Relationship is defined by revenue dependency, formal positions, specified relative connections and entity level analogues with a three year lookback. Professionals must confirm arm's length appointments, include identification and registration details in stakeholder communications, bill and receive fees through banking channels, exercise due care to ensure legal compliance by the corporate person, and may not include losses or penalties from the corporate person's non compliance in process costs.

Interim orders on material available permit the disciplinary committee to issue immediate directions upon prima facie Code violations.
The amendments substitute "stakeholder" for "clients" and treat processing of complaints or grievance material under the Grievance Regulations as an investigation, equating processing papers with the investigation report. They establish that, where material on record prima facie shows violation of the Code or subordinate instruments, the Board may refer the matter to the Disciplinary Committee which may pass interim orders and directions. Show cause procedure is tightened: notices must specify alleged violations and consequences, be served electronically (with registered post copy), allow a reduced response period, and the Disciplinary Committee must endeavour to dispose of matters within a short prescribed period; orders are to be published and, if an insolvency professional is involved, notified to relevant bodies and creditors.

Grievance filing procedure now mandates portal submission and accelerates Board and agency disposal and investigation timelines.
All grievances must be filed on the Board's dedicated portal. The Board's disposal and investigation timelines are shortened, with an allowance for a limited additional extension on request of the service provider. The Board may forward grievances against an insolvency professional to the relevant insolvency professional agency for disposal under its bye laws and must be informed of the agency's disposal within a prescribed period. If the Board forms a prima facie opinion of a case within the expedited timeline, it may issue a show cause notice or order an investigation under the Inspection and Investigation Regulations.

Authentication of default framework revised for insolvency filings, with record of default, repository checks, and updated disclosure forms.
The amendments introduce a defined record of default and require a creditor, before filing an application under section 7 or section 9, to file information of default with the information utility for authentication and issuance of a record of default. The revised framework replaces information of default with authentication of default, prescribes status outcomes such as authenticated, disputed, or deemed to be authenticated, and requires communication of the authenticated status to relevant registered users. The regulations also add repository requirements, align disciplinary proceedings with inspection and investigation regulations, require the latest acknowledgment of debt in Form C, and insert Form D as the prescribed record of default format.

GST evidence requirement: operational creditors must furnish GST return extracts and e way bills when filing insolvency applications.
Operational creditors must submit relevant extracts of Form GSTR 1, Form GSTR 3B and e way bills, where applicable, with a section 9 application; creditors filing under sections 7 or 9 must also provide Permanent Account Number and email ID. Creditors and corporate debtor personnel must supply information and documents (valuation reports, stock and receivables statements, inspection and audit reports, bank statements and other financial information) to enable preparation of the information memorandum and valuation. A third registered valuer may be appointed where two valuations differ by twenty five per cent in liquidation value.

Remuneration amendment empowers Chairperson to revise consolidated pay and permits contract extensions up to a five year term.
The amendment authorises the Chairperson to amend consolidated remuneration in Schedule II for reasons recorded in writing, substitutes Schedule II to prescribe graded consolidated monthly pay with an annual increment, and provides that candidates are engaged contractually for one to three years with Chairperson authority to extend the term one year at a time up to a maximum aggregate of five years, effective on publication in the Official Gazette.

Regulatory applicability clarification: amendment rules apply to liquidations commencing after their commencement; prior processes follow earlier requirements.
Amendment inserts Explanations after regulations 2A, 21A and 31A clarifying that those regulations' requirements apply to liquidation processes commencing on or after the commencement of the 2019 amendment regulations, and inserts an Explanation after regulation 44 providing that for liquidation processes commenced prior to the 2019 commencement, the pre 2019 requirements of regulation 44 shall continue to apply; the 2022 regulations take effect on publication.