Review of Regulations

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....litate Insolvency Professionals to carry out processes under the Code. 2. The Board conducted an exercise of review of regulations, circulars based on experience gained. It is observed that certain circulars are no longer required on account of being already provided in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 [IP Regulation] or the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 [Model Bye-Laws Regulations] or the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 [IU Regulations], as the case may be. 3. Accordingly, it has been decided to rescind circulars listed in the ....

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....ed in First Schedule to IP Regulations. 3 No. IP/003/2018 Dated January 3, 2018 IP not to outsource his responsibilities. It was directed that an IP shall not outsource any of his duties and responsibilities under the Code. Already covered under regulation 7 (2) (bb) of IP Regulations. 4 No. IP/004/2018 Dated January 16, 2018 Fees payable to IP and to other professionals appointed by the IP The IBBI clarified that an IP shall render services for a fee which is a reasonable reflection of his work, raise bills / invoices in his name towards such fees, and such fees shall be paid to his bank account. Any payment of fees for the services of an IP to any person, other than the IP, shall not form part of t....

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....d that an IP, whether acting as IRP, RP or Liquidator, except to the extent provided in the Code and Rules, Regulations or Circulars issued thereunder, (i) shall keep every information related to the processes confidential; and (ii) shall not disclose or provide access to any such information to any unauthorised person. Already covered in clause 21 of 'Code of Conduct' specified in First Schedule to IP Regulations. 7 No. IBBI/IP/021/2019 Dated May 2, 2019 Surrender of Membership It was advised that an IPA shall not ordinarily accept temporary surrender of professional membership, where the IP is conducting a process under the Code. Certain forms were stipulated. Already covered in IP Regulations and Model Bye-Laws Regul....