Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2023 - IBBI/2023-24/GN/REG105 - Insolvency and Bankruptcy
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Professional membership enrolment and surrender rules tightened with specific compliance and expulsion grounds under insolvency regulations. Enrolment requires individuals and entities to apply using Part I of Form A and Part I of Form AA under the Insolvency Professionals Regulations, in the manner and with fees specified by the Agency, and a sixty-day timeline is prescribed for compliance with bye-law requirements. Agencies may refuse membership surrender where disciplinary proceedings are pending, regulatory obligations or record preservation requirements are unmet, or where the member's replacement would harm a Code process. Expulsion is permitted for ineligibility, disciplinary orders not stayed, non-payment of fees after notice, Board cancellation, or court orders.
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Provisions expressly mentioned in the judgment/order text.
Professional membership enrolment and surrender rules tightened with specific compliance and expulsion grounds under insolvency regulations.
Enrolment requires individuals and entities to apply using Part I of Form A and Part I of Form AA under the Insolvency Professionals Regulations, in the manner and with fees specified by the Agency, and a sixty-day timeline is prescribed for compliance with bye-law requirements. Agencies may refuse membership surrender where disciplinary proceedings are pending, regulatory obligations or record preservation requirements are unmet, or where the member's replacement would harm a Code process. Expulsion is permitted for ineligibility, disciplinary orders not stayed, non-payment of fees after notice, Board cancellation, or court orders.
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