21/07/2023
Summary of the IBBI Notification dated 20/07/2023.
This circular is integrated in our free-to-use website ca2013.com.
IBBI Notifies Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2023 & Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2023.
IBBI through the notification dated 20/07/2023 amends the existing IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 & IBBI (Insolvency Professionals) Regulations, 2016 w.e.f. 20/07/2023. The key highlights from the notification are as below:
1. The regulatory fee payable to the IBBI, calculated as per Regulation 31A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 shall not be payable in cases where the approved resolution plan in respect of insolvency resolution of a real estate project is from an association or group of allottees in such real estate project.
2. IBBI now requires an individual to successfully complete the Post Graduate Insolvency Programme to be eligible for the registration as an Insolvency Professional with the Board, as against the Graduate Insolvency Programme required earlier.
This Notification shall come into force on the date of publication in the Official Gazette.
To view the IBBI notification for the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 , click here.
To view the IBBI notification for the IBBI (Insolvency Professionals) Regulations, 2016, click here.
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