Circular No. IP/008/2018, Compliance with IBBI (Insolvency Professionals) (Amendment) Regulations, 2018

The Insolvency and Bankruptcy Board of india (IBBI) has recently notified the Insolvency and Bankruptcy Board of india (Insolvency Professionals) (Amendment),2018 in the Gazette of india dated 28th March 2018. They are available at www.ibbi.gov.in and are annexed to this circular. They came into force on 1st April,2018.

2. They have amendment provisions sub-regulations (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 clause (e),(f) and (g) sub-regulations (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) Regulation,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 June 2018,as the case may be, under intimation to the IBBI, failing which the IPE may be derecognised in accordance with regulation 14.

Yours faithfully,

-Sd-

(Debajyoti Ray Chaudhuri)

Cheif General Manager