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]

Download Notification Click Here >>

----------- Similar Posts: -----------

Change in the constitution of Appellate Authority for CAs CSs and Cost Accountants

Change in the constitution of Appellate Authority for CAs CSs and Cost Accountants In 2015, the Ministry of Corporate Affairs…

12 hours ago

Trade Tax refund withheld beyond stipulated period & adjusted from demand unjustified – SC

Trade Tax Department was unjustified in retaining refund beyond stipulated period and adjusting it against default notices issued subsequently. In…

13 hours ago

Income Tax

Notice issued u/s 143(2) prior to filing of return of income assessee is invalid

Notice issued u/s 143(2) prior to filing of return of income by the assessee was invalid. Before filing ITR provisions…

2 days ago

Income Tax

Order u/s 148A(d) passed against non-existent entity is bad in eyes of law – High Court

Order u/s 148A(d) passed against non-existent entity is bad in eyes of law. Mere activation of PAN not give right…

2 days ago

Income Tax

Tax authorities not bound with provisions of section 44AE once assessee waived option

Tax authorities not bound with provisions of section 44AE of the Act once assessee waived the option available In a…

3 days ago

Income Tax

Whether seized document is incriminating or not is a findings of fact – High Court

Whether seized document is incriminating or not is definitely a findings of fact – High Court In a recent judgment,…