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of <h1>India Updates Insolvency Professionals Regulations: New Resignation Rules, Expanded Roles for Entities, Effective 2024.</h1> The Insolvency and Bankruptcy Board of India has issued the Insolvency Professionals (Amendment) Regulations, 2024, effective upon publication in the Official Gazette. Key amendments include allowing an insolvency professional to resign from assignments with the committee of creditors' recommendation and Adjudicating Authority's approval. Additionally, insolvency professional entities can engage partners or directors for tasks unrelated to valuation and audit. The amendment also clarifies that these entities may provide services, excluding valuation and audit, for assignments undertaken by their partners or directors. These amendments update the original 2016 regulations and follow the 2023 amendments.
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