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 >>

Share

Recent Posts

  • ICAI

CA Misconduct – Order quashed as judgment not passed by same members who heard arguments.

CA Misconduct – Appellate order quashed as final judgment was not passed by same members who heard arguments. In a…

18 hours ago
  • Insurance

Deceased homemaker can not be considered as dependant for award of compensation under MV Act – SC

Deceased homemaker can not be considered as dependant for award of compensation under MV Act. Courts to award a composite…

1 day ago
  • Income Tax

CIT notice u/s 263 quashed as AO rightly took DVO value of property as actual sale price

CIT Revision notice u/s 263 quashed as the Assessing Officer rightly taken DVO value of property sold as actual sale…

3 days ago
  • GST

Extension of timeline for implementation of Ship To GSTIN & Voluntary Closure of E-Way Bill functionalities

Extension of timeline for implementation of mandatory "Ship To GSTIN" and Voluntary Closure of E-Way Bill functionalities GSTN Advisory dated…

3 days ago
  • Income Tax

No protective addition required when additions is confirmed in hands of searched person – ITAT

No protective addition required in the hand of a third party when additions have been confirmed in the hands of…

4 days ago
  • arbitration

Limitation u/s 34 of Arbitration Act commences on disposal of application u/s 33 by Arbitral Tribunal – SC

Limitation for filing application u/s 34 of Arbitration Act commence from date on which application u/s 33 is disposed of…

1 week ago