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

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....IBBI/2019-20/GN/REG045.- In exercise of the powers conferred by sections 196, 207 and 208 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 further to amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, namely: - 1. (1) These regulations ma....

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.... professional agency to an insolvency professional, who is its professional member, in accordance with its bye-laws; (ab) "Bar Council" means a Bar Council constituted under the Advocates Act, 1961 (25 of 1961);'. 3. In the principal regulations, after regulation 7, the following regulation shall be inserted, namely: - "Authorisation for assignment. 7A. An insolvency professional shall not ....

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....y professional agency shall inform the Board when it- (a) issues or renews an authorisation 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 1....

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.... process, he and his relatives shall not accept any employment, other than an employment secured through open competitive recruitment, with, or render professional services, other than services under the Code, to a creditor having more than ten percent voting power, the successful resolution applicant, the corporate debtor or any of their related parties, until a period of one year has elapsed fro....