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

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.... AGENCIES) (AMENDMENT) 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) Reg....

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....vency professional agency under the Code; (b) it has 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 a....

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....ding financial solvency and net worth. (2) No person shall at any time, directly 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;....