Qualification standards for research associates updated, adding eligibility criteria and mandatory professional examination requirements under regulatory amendment.
Substituted Schedule I prescribes discipline-wise essential and desirable qualifications for Economics/Public Policy, Law, Business Management, Insolvency and Valuation roles for engagement as Research Associates and Consultants, including specified postgraduate or professional degrees, enrolment eligibility for legal practice, membership of professional institutes, statutory qualification or examination passes where applicable, and desirable advanced degrees, certifications and experience; Insolvency roles require prescribed qualifications, experience and a pass in the Limited Insolvency Examination, and Valuation roles require statutory valuation qualifications and a pass in the relevant Valuation Examination.

Service rule amendment removes a specified sub rule from Chairperson and members' terms, effective on Gazette publication.
The amendment omits sub rule (2) of rule 3 of the Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016, under the Government's statutory power to frame terms for Board office holders, and comes into force upon publication in the Official Gazette.

Corporate insolvency application rules now require chapter selection and debtor particulars for Chapter IV filings.
The rules amend Forms 1, 5 and 6 to require applicants to specify whether the corporate insolvency application is under Chapter II or Chapter IV of Part II of the Code and, where filed under Chapter IV, to supply notified particulars of the corporate debtor including assets and income, class of creditors or amount of debt, and category of corporate person.

Resignation acceptance of a Whole Time Member results in formal vacancy upon the effective date after administrative approval.
The resignation of a Whole Time Member from a regulatory board was accepted following administrative approval, creating an official vacancy effective from the date specified in the notification; the acceptance is recorded by government notification for administrative purposes.

Representation of financial creditor: specified representatives may file corporate insolvency resolution applications on its behalf.
Notification under the Insolvency and Bankruptcy Code authorises specified representatives to file corporate insolvency resolution process applications on behalf of a financial creditor before the Adjudicating Authority. The authorised classes are a guardian; an executor or administrator of the financial creditor's estate; a trustee, including a debenture trustee; and a person duly authorised by a company's Board of Directors.

Ex officio member appointment to Insolvency and Bankruptcy Board: Joint Secretary and Legal Adviser named to replace predecessor.
The Central Government, under clause (b) of sub section (1) of section 189 of the Insolvency and Bankruptcy Code, 2016, appoints Dr. Rajiv Mani, Joint Secretary and Legal Adviser, Ministry of Law and Justice, Department of Legal Affairs, as an ex officio member of the Insolvency and Bankruptcy Board of India vice the former incumbent, effecting statutory membership by government notification.

Leave encashment entitlement for Insolvency Board leadership limited to a portion of earned leave under central rules.
The substituted rule provides that payment of leave salary during leave is governed by Rule 40 of the Central Civil Services (Leave) Rules, 1972, and that the Chairperson and a whole-time member are entitled to encashment of fifty per cent of earned leave standing to their credit at any time.

Group mediclaim coverage for chairperson and whole-time members with premium borne by Board and prescribed outpatient reimbursement.
Entitlement for the Chairperson and Whole-time Members includes outdoor treatment reimbursement for prescribed care and family members, and indoor treatment by coverage under a Group Mediclaim Policy on a family floater basis with the Board bearing premium costs; beneficiaries must pay a non-refundable monthly subscription used to procure the policy and related expenses, and must choose between this scheme and any CGHS/other health scheme.

Performance security requirement: approved resolution applicants must furnish security or face forfeiture for failure to implement the resolution plan.
Adds a mandatory performance security: resolution applicants whose plans are approved must provide performance security within the specified time, which shall be forfeited if the applicant fails to implement or contributes to failure of implementation of the approved plan; performance security is defined by request for plans with committee approval and may be specified in absolute or variable terms. Resolution plans must disclose past failures to implement approved plans by the applicant or related parties, and Form H is amended to record evidence of performance security and related compliance.

Provident Fund and Pension rules updated: Chairperson and whole-time members now governed by contributory PF and pension system.
The amendment replaces rule 9 of the 2016 Service Rules to provide that the Chairperson and whole-time members shall be governed by the Contributory Provident Fund (India) Rules, 1962 and the Contribution Pension System, with the change made under statutory powers in the Insolvency and Bankruptcy Code, and effective on publication in the Official Gazette.

Secretarial auditors designation substituted in voluntary liquidation regulations; Form A timing wording adjusted to thirty days from commencement.
Amendments revise the voluntary liquidation regulations by substituting the term company secretaries with secretarial auditors in the Explanation to sub regulation (1) of regulation 6, clause (c)(i), and by amending Schedule I, Form A wording to "the date falling thirty days from the liquidation commencement date," clarifying the phrasing of the reporting deadline.