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of <h1>IBBI Amends 2016 Regulations: New Rules for Membership Applications, Surrender Refusals, and Expulsions Effective Now.</h1> The Insolvency and Bankruptcy Board of India (IBBI) has issued amendments to the Model Bye-Laws and Governing Board of Insolvency Professional Agencies Regulations, 2016. Effective upon publication in the Official Gazette, the amendments include changes to the application process for professional membership, specifying the submission of applications with designated forms and fees. Additionally, the regulations outline conditions under which the Agency may refuse the surrender of membership, including pending grievances or non-compliance with requirements. The amendments also detail circumstances for expulsion of professional members, such as ineligibility, non-payment of fees, or cancellation of registration.
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