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Compliance With IBBI (Insolvency Professionals) (Amendment) Reg. 2018

Insolvency and Bankruptcy Board of India IBBI's Circular No. IPE/008/2018 dated 5th April, 2018, to all recognised Insolvency Professional Entities regarding Compliance with the Insolvency and Bankruptcy Board of lndia (Insolvency Professionals) (Amendment) Regulations, 2018, reads as follows:

1. The Insolvency and Bankruptcy Board of India (IBBI) has recently notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018 in the Gazette of India dated 28th March, 2018. They came into force on 1st April, 2018.

2. They have amended provisions in sub-regulation (1) of regulation 12 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 relating to insolvency professional entities (IPEs). In terms of the amended regulations, the IPEs recognised as on 1st April, 2018 need to comply with the provisions of clauses (e), (f) and (g) of sub-regulation (1) on or before 30th June, 2018 and the provisions of clauses (a), (b) (c) and (d) of sub-regulation (1) on or before 30th September, 2018.

3. In terms of the sub-regulation (2) of regulation 13 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, the recognition granted to an IPE is subject to the condition that the IPE shall at all times continue to satisfy the requirements under regulation 12.

4. In view of the above, you are requested to ensure compliance with the provisions of sub-regulation (1) of regulation 12 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 by 30th June, 2018 or 30th September, 2018, as the case may be, under intimation to the IBBI, failing which the IPE may be derecognised in accordance with regulation 14.

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