Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019

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....y Professionals) Regulations, 2016, namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019. (2) They shall come into force on the date of publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (hereinafter referred to as the principal regulations), in regulation 2, in sub-regulation (1), for clause (a), the following clauses shall be substituted, namely:- '(a) "assignment" means any assignment of an insolvency professional as interim resolution professional, resolution professional, liquidator, bankruptcy trustee, authorised representative or in any ot....

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....ion for assignment; (b) suspends or cancels an authorisation for assignment; (c) revokes the suspension of an authorisation for assignment; or (d) accepts the surrender of an authorisation for assignment, within one working day of taking such action.". 6. In the principal regulations, in regulation 11, in sub-regulation (8), after clause (b), the following clause shall be inserted, namely: - "(ba) suspension or cancellation of authorisation for assignment;". 7. In the principal regulations, in the First Schedule, - (a) after clause 3, the following clause shall be inserted, namely: - "3A. An insolvency professional must disclose the details of any conflict of interests to the stake....