bankruptcy

Conditions for LLP, registered firm/company to be recognised as insolvency professional entity

LLP, registered partnership firm/company to be recognised as an insolvency professional entity only if their sole objective is to provide support services to IPs

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

NOTIFICATION

New Delhi, the 30th June, 2020

Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2020

No. IBBI/2020-21/GN/REG061.—In exercise of the powers conferred by sections 196, 207 and 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, namely: –

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2020.

(2) They shall come into force on the date of publication in the Official Gazette.

2. In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, in regulation 12, in sub-regulation (1), for clause (a), the following clause shall be substituted, namely: —

“(a) its sole objective is to provide support services to insolvency professionals;”.

DR. M. S. SAHOO, Chairperson

[ADVT. III/4/Exty./101/2020-21]

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