Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022

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....ia hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, namely:- 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second 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 (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (hereinafter referred to as 'the principal regulations'), sub-regulation (3) in regulation 7, sha....

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....) Relationship with Interim resolution professional /resolution professional Other professional (registered valuer /accountant /advocate/ any other professional) Corporate debtor Name  of financial creditor (s) Interim finance prov- ider (s) Name of pros- pective resolution appli- cant(s) Interim resolution professional / resolution professional       NA           Registered valuer         NA       &nbs....

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....e." (iii)  in clause 24, in sub-clause (2), for item (d), the following shall be substituted, namely:- "(d) imposition of monetary penalty as per Table below: Sl. No. Contravention Monetary Penalty 1. Fails to submit disclosures, returns, etc. to Agency or submits inadequate or incorrect disclosures, returns, etc., relating to any assignment, as required under the Code and Regulations made thereunder or bye-laws of the Agency or called upon by the Board or the Agency. Up to Rs. 1,00,000 or 25% of fee, whichever is higher, subject to a minimum Rs. 50,000. 2. Accepts an assignment having conflict of interests with the stakeholders. Up to Rs. 2,00,000 or 25% of fee, whichever is ....

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....00 or 25% of fee, whichever is higher, subject to a minimum Rs. 1,00,000. 10. Fails to provide notice regarding meetings of creditors. Up to Rs. 1,00,000 or 25% of fee, whichever is higher, subject to a minimum Rs. 50,000. 11. Fails to reject resolution plan from ineligible resolution applicants. Up to Rs. 2,00,000 or 25% of fee, whichever is higher, subject to a minimum Rs. 1,00,000. 12. Fails to take action in respect of  preferential, undervalued, fraudulent or extortionate credit transactions. Up to Rs. 2,00,000 or 25% of fee, whichever is higher, subject to a minimum Rs. 1,00,000. 13. Enters into contract or agreement with professionals in&nbsp....