INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY PROFESSIONAL AGENCIES) (AMENDMENT) REGULATIONS, 2018

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....REGULATIONS, 2018 IBBI/2018-19/GN/REG33. In exercise of the powers conferred by sections 196, 199, 200, 201, 203, 204 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016, namely: -....

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.... bye-laws and governance structure in accordance with the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016; (c) it has a minimum net worth of ten crore rupees; (d) it has a paid-up share capital of five crore rupees; (e) it is not under the control of any person resident outside India; (f) not more than forty-ni....

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....ctly or indirectly, either individually or together with persons acting in concert, acquire or hold more than five per cent. of the paid-up equity share capital in an insolvency professional agency: Provided that- (i) a stock exchange; (ii) a depository; (iii) a banking company; (iv) an insurance company; (v) a public financial institution; and (vi) a multilateral financial institution, ma....