CAIRR Update July 29, 2021

Summary of the circular issued by IBBI on 28/07/2021

IBBI prescribes Minimum and Maximum limits w.r.t imposition of monetary penalty by Disciplinary Committee on an Insolvency Professional Agency (IPA)

IBBI requires an IPA to amend its bye-laws, indicating the monetary penalty threshold limits, which can be imposed by its Disciplinary Committee, for various contraventions by an IPA under the IB Code and its Regulations, as prescribed in this circular.