November 02, 2022
Summary of the notification issued by IBBI on 31/10/2022
IBBI amends Model Bye-Laws and Governing Board of Insolvency Professional Agencies(IPAs) regulations
Key highlights of the amendment are as follows:
1. Dissemination of disclosure of interest received from IPs: Duty of the IPA has been amended to include facilitation of receipt of relationship disclosures from its professional members and disseminate the same on its website in the prescribed format, within three working days of the receipt of such disclosures from its members.
2. IPA or Board shall suspend the authorisation for assignment upon initiation of disciplinary proceeding, as prescribed under the model bye-laws. It has now been clarified that a disciplinary proceeding shall be considered as pending against the professional member from the date he has been issued a show cause notice by the Agency or the Board, till its disposal by the Disciplinary Committee of the Agency or the Board, as the case may be.