TaxTMI 
TaxTMI 
Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022
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....wing 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, shall be substituted by following, namely:- ....
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....countant /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 Accountant NA A Advocate NA Any other professional (write kind of profession) NA Notes: (i) NA: Not Applicable. (ii) Additional rows and columns to be inserted, as required, where there are more than one professional, financial creditor, interim finance provider or prospective resolution applicant. (iii) Where an accountant has relationship of kind A with a financial creditor, relevant cell will display 'A', as indicated i....
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....chever is higher, subject to a minimum ₹ 50,000. 4. Rejects a claim(s) without giving any proper reason while undertaking an assignment or fails to exercise due diligence in claim verification. Up to ₹ 2,00,000 or 25% of fee, whichever is higher, subject to a minimum ₹ 1,00,000. 5. Fails to comply with directions issued by Adjudicating Authority or the Appellate Authority. Up to ₹ 2,00,000 or 25% of fee, whichever is higher, subject to a minimum ₹ 1,00,000. 6. Outsources his duties and obligations. Up to ₹ 2,00,000 or 25% of fee, whichever is higher, subject to a minimum ₹ 1,00,000. 7. Fails to appoint registered valuers, wherever required, under the Code or Regulations made thereunder, f....