Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022

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....tions, 2016, namely:- 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022. (2) They shall come into force on the date of their 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'), for regulation 11, the following shall be substituted, namely:- "Disciplinary Proceedings. 11. The disciplinary proceedings shall be conducted in accordance with the provisions of Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017." 3. In the principal regulations, in the First Schedule, (i) ....

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....professional the appointment of the other professional. Corporate debtor the appointment of the other professional. Financial creditors constitution of committee of creditors. Interim finance providers the agreement with the interim finance provider or three days of the appointment of the other professional, whichever is later. Prospective resolution applicants the supply of information memorandum to the prospective resolution applicant or three days of the appointment of the other professional, whichever is later. If relationship with any of the above, comes to notice or arises subsequently of such notice or arising. Explanation: For the purposes of clause 8B and 8C above, 'relationship' shall mean any one or more of the follo....

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.... inserted, namely:- "15A. An insolvency professional shall prominently state in all his communications to a stakeholder, his name, address, e-mail, registration number and validity of authorisation for assignment, if any, issued by the insolvency professional agency of which he is a member." (iii) after clause 25A, the following clauses shall be inserted, namely:- "25B. An insolvency professional shall raise bills or invoices in his name towards his fees, and such fees shall be paid to him through banking channel. 25C. An insolvency professional shall ensure that the insolvency professional entity or the professional engaged by him raises bills or invoices in their own name towards their fees, and such fees shall be paid to them thro....