Insolvency Laws

Insolvency and Bankruptcy Board of India[IBBI]: Duty, Function and Regulation

A Govt. of Indian  Statutory Institution

Unique regulator

The Insolvency and Bankruptcy Board of India was established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016 (Code). It is a key pillar of the ecosystem responsible for implementation of the Code that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.

The insolvancy board regulates a profession as well as processes. It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies, Insolvency Professional Entities and Information Utilities. It writes and enforces rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code. It has recently been tasked to promote the development of, and regulate, the working and practices of, insolvency professionals, insolvency professional agencies and information utilities and other institutions, in furtherance of the purposes of the Code. It has also been designated as the ‘Authority’ under the Companies (Registered Valuers and Valuation Rules), 2017 for regulation and development of the profession of valuers in the country.

The Ministry of Corporate Affairs vide its notification dated 23rd October 2017 delegated
the powers and functions vested with it under section 247 of the Companies Act, 2013 and Companies (Registered Valuers and Valuation) Rules, 2017 to the Insolvency and Bankruptcy Board of India. Accordingly, the Insolvency and Bankruptcy Board of India is ‘authority’ for recognition of Valuer Organization and registration of Valuers.

Power and Function of the Board

Section 196. (1) The Board shall, subject to the general direction of the Central Government, perform all or any of the following functions namely:

(a) Register insolvency professional agencies, insolvency professionals and information utilities and renew, withdraw, suspend or cancel such registrations.

(aa) promote the development of, and regulate, the working and practices of, insolvency professionals, insolvency professional agencies and information utilities and other institutions, in furtherance of the purposes of this Code.

(b) Specify the minimum eligibility requirements for registration of insolvency professional agencies, insolvency professionals and information utilities.

(c) Levy fee or other charges for carrying out the purposes of this Code, including fee for registration and renewal of insolvency professional agencies, insolvency professionals and information utilities.

(d) Specify by regulations standards for the functioning of insolvency professional agencies, insolvency professionals and information utilities.

(e) Lay down by regulations the minimum curriculum for the examination of the insolvency professionals for their enrolment as members of the insolvency professional agencies.

(f) Carry out inspections and investigations on insolvency professional agencies, insolvency professionals and information utilities and pass such orders as may be required for compliance of the provisions of this Code and the regulations issued hereunder.

(g) Monitor the performance of insolvency professional agencies, insolvency professionals and information utilities and pass any directions as may be required for compliance of the provisions of this Code and the regulations issued hereunder.

(h) Call for any information and records from the insolvency professional agencies, insolvency professionals and information utilities.

(i) Publish such information, data, research studies and other information as may be specified by regulations.

(j) Specify by regulations the manner of collecting and storing data by the information utilities and for providing access to such data.

(k) Collect and maintain records relating to insolvency and bankruptcy cases and disseminate information relating to such cases.

(l) Constitute such committees as may be required including in particular the committees laid down in section 197.

(m) Promote transparency and best practices in its governance.

(n) Maintain websites and such other universally accessible repositories of electronic information as may be necessary.

(o) Enter into memorandum of understanding with any other statutory authorities

(p) Issue necessary guidelines to the insolvency professional agencies, insolvency professionals and information utilities.

(q) Specify mechanism for redressal of grievances against insolvency professionals, insolvency professional agencies and information utilities and pass orders relating to complaints filed against the aforesaid for compliance of the provisions of this Code and the regulations issued hereunder.

(r) Conduct periodic study, research and audit the functioning and performance of to the insolvency professional agencies, insolvency professionals and information utilities at such intervals as may be specified by the Board.

(s) Specify mechanisms for issuing regulations, including the conduct of public consultation processes before notification of any regulations.

(t) Make regulations and guidelines on matters relating to insolvency and bankruptcy as may be required under this Code, including mechanism for time bound disposal of the assets of the corporate debtor or debtor.

(u) Perform such other functions as may be prescribed.

(2) The Board may make model bye-laws to be to adopted by insolvency professional agencies which may provide for—

(a) The minimum standards of professional competence of the members of insolvency professional agencies.

(b) The standards for professional and ethical conduct of the members of insolvency professional agencies.

(c) Requirements for enrolment of persons as members of insolvency professional agencies which shall be non-discriminatory. Explanation.—For the purposes of this clause, the term “non-discriminatory” means lack of discrimination on the grounds of religion, caste, gender or place of birth and such other grounds as may be specified.

(d) The manner of granting membership.

(e) Setting up of a governing board for internal governance and management of insolvency professional agency in accordance with the regulations specified by the Board.

(f) The information required to be submitted by members including the form and the time for submitting such information.

(g) The specific classes of persons to whom services shall be provided at concessional rates or for no remuneration by members.

(h) The grounds on which penalties may be levied upon the members of insolvency professional agencies and the manner thereof.

(i) A fair and transparent mechanism for redressal of grievances against the members of insolvency professional agencies.

(j) The grounds under which the insolvency professionals may be expelled from the membership of insolvency professional agencies.

(k) The quantum of fee and the manner of collecting fee for inducting persons as its members.

(l) The procedure for enrolment of persons as members of insolvency professional agency.

(m) The manner of conducting examination for enrolment of insolvency professionals.

(n) The manner of monitoring and reviewing the working of insolvency professional who are members.

(o) The duties and other activities to be performed by members.

(p) The manner of conducting disciplinary proceedings against its members and imposing penalties.

(q) The manner of utilising the amount received as penalty imposed against any insolvency professional.

3) Notwithstanding anything contained in any other law for the time being in force, while exercising the powers under this Code, the Board shall have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908, while trying a suit, in respect of the following matters, namely:—

(a) The discovery and production of books of account and other documents, at such place and such time as may be specified by the Board.

(b) Summoning and enforcing the attendance of persons and examining them on oath.

(c) Inspection of any books, registers and other documents of any person at any place.

(d) Issuing of commissions for the examination of witnesses or documents.

Members of the Insolvency Board

The terms and conditions of the service of the Chairperson are governed by IBBI (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016.

LEGAL FRAMEWORK

Date Subject

Acts

05 Jun, 2020 The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020   
05 Jun, 2020 The Insolvency and Bankruptcy Code, 2016 (Upto 05.06.2020)   
18 Mar, 2020 Extent of the Insolvency and Bankruptcy Code, 2016 to whole of India   
18 Mar, 2020 The Insolvency and Bankruptcy Code, 2016 (Upto 18.03.2020)   
13 Mar, 2020 The Insolvency and Bankruptcy Code (Amendment) Act, 2020   
13 Mar, 2020 The Insolvency and Bankruptcy Code, 2016 (Upto 13.03.2020)   
28 Dec, 2019 The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019   
28 Dec, 2019 The Insolvency and Bankruptcy Code, 2016 (Upto 28.12.2019)   
04 Oct, 2019 The Insolvency and Bankruptcy Code, 2016-Hindi (Upto 06.08.2019)   
06 Aug, 2019 The Insolvency and Bankruptcy Code (Amendment) Act, 2019   
06 Aug, 2019 The Insolvency and Bankrutpcy Code, 2016 (Upto 06.08.2019)   
17 Aug, 2018 The Insolvency and Bankruptcy Code (Second Amendment) Act, 2018   
17 Aug, 2018 The Insolvency and Bankruptcy Code, 2016 (Upto 17.08.2018)   
08 Jun, 2018 The Insolvency and Bankruptcy Code, 2016 (Upto 06.06.2018)   
06 Jun, 2018 The Insolvency and Bankruptcy Code(Amendment Ordinance), 2018   
18 Jan, 2018 The Insolvency and Bankruptcy Code (Amendment) Act, 2018   
23 Nov, 2017 The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017   
25 Oct, 2017 Clarification regarding resolution plan under section 30 and 31 of IBC, 2016   
24 May, 2017 Insolvency and Bankruptcy Code (Removal of Difficulties) Order, 2017   
28 May, 2016 Insolvency and Bankruptcy Code, 2016   

Rules

27 Nov, 2019 Corrigenda dated 27.11.2019 to Notification vide G.S.R. 852 (E)., dated 15.11.2019 of Ministry of Corporate Affairs   
15 Nov, 2019 The Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019.   
15 Nov, 2019 The Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019   
15 Nov, 2019 The Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Guarantors) Rules, 2019   
05 Aug, 2019 IBBI (Medical Facility to Chairperson and Whole -time Members) Scheme Rules, 2019   
27 May, 2019 IBBI (Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members) Third Amendment Rules, 2019   
19 Mar, 2019 The Insolvency and Bankruptcy (Application to Adjudicating Authority) Amendment Rules, 2019   
19 Mar, 2019 The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (upto 19-03-2019)   
01 Mar, 2019 IBBI (Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members) Second Amendment Rules, 2019   
22 Jan, 2019 IBBI (Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members) Third Amendment Rules, 2019   
13 Nov, 2018 The Companies (Registered Valuers and Valuation) Fourth Amendment Rules, 2018   
13 Nov, 2018 The Companies (Registered Valuers and Valuation) Rules, 2017 (upto 13-11-2018)   
02 Nov, 2018 IBBI (Salary, Allowances and other Terms and Conditions of Services of Chairperson and Members) Second Amendment Rules, 2018   
25 Sep, 2018 The Companies (Registered Valuers and Valuation) Third Amendment Rules, 2018   
14 Jun, 2018 The Companies (Registered Valuers and Valuation) Rules, 2017 (upto 14-06-2018)   
13 Jun, 2018 The Companies (Registered Valuers and Valuation) Second Amendment Rules, 2018   
01 May, 2018 The Insolvency and Bankruptcy Board of India (Form of Annual Statement of Accounts) Rules, 2018   
01 May, 2018 The Insolvency and Bankruptcy Board of India (Annual Report) Rules, 2018.   
09 Feb, 2018 The Companies (Registered Valuers and Valuation) Amendment Rules, 2018   
09 Feb, 2018 The IBBI (Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2018   
18 Oct, 2017 The Companies (Registered Valuers and Valuation) Rules, 2017   
30 Nov, 2016 The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.   
29 Aug, 2016 IBBI (Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members) Rules, 2016   

Regulations

Date Subject
01 Jul, 2020 IBBI (Insolvency Professionals) Regulations, 2016 (Amended upto 01.07.2020)   
24 Apr, 2020 IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 24.04.2020)   
24 Apr, 2020 IBBI (Liquidation Process) Regulations, 2016 (Amended upto 24.04.2020)   
24 Apr, 2020 IBBI (Insolvency Professionals) Regulations, 2016 (Amended upto 24.04.2020)   
24 Apr, 2020 IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (Amended upto 24.04.2019)   
12 Feb, 2020 IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 12.02.2020)   
15 Jan, 2020 IBBI (Voluntary Liquidation Process) Regulations, 2017 (Amended upto 15.01.2020)   
06 Jan, 2020 IBBI (Liquidation Process) Regulations, 2016 (Amended upto 06.01.2020)   
28 Nov, 2019 IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 28.11.2019)   
20 Nov, 2019 IBBI (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019   
20 Nov, 2019 IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019   
25 Oct, 2019 IBBI (Insolvency Professionals) Regulations, 2016 (Amended upto 25.10.2019)   
25 Jul, 2019 IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 25.07.2019)   
25 Jul, 2019 IBBI (Information Utilities) Regulations, 2017 (Amended upto 25.07.2019)   
25 Jul, 2019 IBBI (Liquidation Process) Regulations, 2016 (Amended upto 25.07.2019)   
23 Jul, 2019 IBBI (Insolvency Professional Agencies) Regulations, 2016 (Amended upto 23.07.2019)   
23 Jul, 2019 IBBI (Insolvency Professionals) Regulations, 2016 (Amended upto 23.07.2019)   
23 Jul, 2019 IBBI (Procedure for Governing Board Meetings) Regulations, 2017 (Amended upto 23.07.2019)   
23 Jul, 2019 IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (Amended upto 23.07.2019)   
23 Jul, 2019 IBBI (Engagement of Research Associates and Consultants) Regulations, 2017 (Amended upto 23.07.2019)   
24 Jan, 2019 IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 24.01.2019)   
15 Jan, 2019 IBBI (Voluntary Liquidation Process) Regulations, 2017 (Amended upto 15.01.2019)   
22 Oct, 2018 IBBI (Liquidation Process) Regulations, 2016 (Amended upto 22.10.2018)   
22 Oct, 2018 IBBI (Mechanism for Issuing Regulations) Regulations, 2018   
11 Oct, 2018 IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (Amended upto 11.10.2018)   
11 Oct, 2018 IBBI (Insolvency Professional Agencies) Regulation, 2016 (Amended upto 11.10.2018)   
11 Oct, 2018 IBBI (Insolvency Professional) Regulations, 2016 (Amended upto 11.10.2018)   
11 Oct, 2018 IBBI (Information Utilities) Regulations, 2017 (Amended upto 11.10.2018)   
05 Oct, 2018 IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 05.10.2018)   
04 Jul, 2018 IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 04.07.2018)   
02 Apr, 2018 IBBI (Insolvency Professionals) Regulations, 2016 (Amended upto 01.04.2018)   
02 Apr, 2018 IBBI (Liquidation Process) Regulations, 2016 (Amended upto 01.04.2018)   
02 Apr, 2018 IBBI (Employees’ Service) Regulations, 2017 (Amended upto 26.03.2018)   
02 Apr, 2018 IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 01.04.2018)   
02 Apr, 2018 IBBI (Information Utilities) Regulations, 2017 (Amended upto 01.04.2018)   
07 Feb, 2018 IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 (Amended upto 07.02.2018)   
06 Feb, 2018 IBBI(Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 06.02.2018)   
31 Dec, 2017 IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 31 Dec 2017)   
31 Dec, 2017 IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017(Amended upto 31 Dec 2017)   
07 Dec, 2017 IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017   
07 Nov, 2017 IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 (Amended upto 07 NOV 2017)   
07 Nov, 2017 IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 07 Nov 2017)   
05 Oct, 2017 IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ( Amended upto 05 Oct 2017)   
05 Oct, 2017 IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 (Amended upto 05 Oct 2017)   
29 Sep, 2017 Insolvency and Bankruptcy Board of India( Information Utilities) Regulations, 2017 ( Amended upto 29 September 2017)   
24 Aug, 2017 The Insolvency and Bankruptcy Board of India (Employees Service) Regulations, 2017   
14 Jun, 2017 The Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017   
31 Mar, 2017 Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017   
31 Jan, 2017 Insolvency and Bankruptcy Board of India( Procedure For Governing Boards Meetings) Regulations, 2017.   
31 Jan, 2017 Insolvency and Bankruptcy Board of India( Advisory Committee) Regulations, 2017   
31 Jan, 2017 Insolvency and Bankruptcy Board of India(Engagement Of Research Associates And Consultants) Regulations, 2017.   
15 Dec, 2016 Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.   
30 Nov, 2016 Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016   
23 Nov, 2016 Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016   
21 Nov, 2016 Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016.   
21 Nov, 2016 Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016.   

Regulations

Date Subject
05 Aug, 2020 IBBI (Liquidation Process) (Third Amendment) Regulations, 2020   
05 Aug, 2020 IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020   
30 Jun, 2020 IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2020   
24 Apr, 2020 IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020   
24 Apr, 2020 IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020   
24 Apr, 2020 IBBI (Insolvency Professionals) (Amendment) Regulations, 2020   
24 Apr, 2020 IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020   
24 Apr, 2020 IBBI (Liquidation Process) (Second Amendment) Regulations, 2020   
12 Feb, 2020 IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020   
15 Jan, 2020 IBBI (Voluntary Liquidation Process) (Amendment) Regulations, 2020   
06 Jan, 2020 IBBI (Liquidation Process) (Amendment) Regulations, 2020   
28 Nov, 2019 IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019   
20 Nov, 2019 IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019   
20 Nov, 2019 IBBI (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019   
25 Oct, 2019 IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2019   
25 Jul, 2019 IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2019   
25 Jul, 2019 IBBI (Information Utilities) (Amendment) Regulations, 2019   
25 Jul, 2019 IBBI (Liquidation Process) (Amendment) Regulations, 2019   
23 Jul, 2019 IBBI (Engagement of Research Associates and Consultants) (Amendment) Regulations, 2019   
23 Jul, 2019 IBBI (Procedure for Governing Board Meetings) (Amendment) Regulations, 2019   
23 Jul, 2019 IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019   
23 Jul, 2019 IBBI (Insolvency Professional Agencies) (Amendment) Regulations, 2019   
23 Jul, 2019 IBBI (Insolvency Professionals) (Amendment) Regulations, 2019   
24 Jan, 2019 IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2019   
15 Jan, 2019 IBBI (Voluntary Liquidation Process) (Amendment) Regulations, 2019   
22 Oct, 2018 IBBI (Liquidation Process) (Second Amendment) Regulations, 2018   
22 Oct, 2018 IBBI (Mechanism for Issuing Regulations) Regulations, 2018   
11 Oct, 2018 IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2018   
11 Oct, 2018 IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2018   
11 Oct, 2018 IBBI (Information Utilities) (Second Amendment) Regulations, 2018   
11 Oct, 2018 IBBI (Insolvency Professional Agencies) (Amendment) Regulations, 2018   
05 Oct, 2018 IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2018   
04 Jul, 2018 IBBI (Insolvency Resolution Process for Corporate Persons)(Third Amendment) Regulations, 2018   
27 Mar, 2018 IBBI (Information Utilities) (Amendment) Regulations, 2018   
27 Mar, 2018 IBBI (Insolvency Professionals) (Amendment) Regulations, 2018   
27 Mar, 2018 IBBI (Liquidation Process) (Amendment) Regulations, 2018   
27 Mar, 2018 IBBI (Insolvency Resolution Process For Corporate Persons) (Second Amendment) Regulations, 2018   
26 Mar, 2018 IBBI (Employees’ Service) (Amendment) Regulations, 2018   
07 Feb, 2018 IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2018   
06 Feb, 2018 IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2018   
31 Dec, 2017 IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2017   
31 Dec, 2017 IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2017   
07 Dec, 2017 IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017   
07 Nov, 2017 IBBI(Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2017   
07 Nov, 2017 IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2017   
05 Oct, 2017 IBBI(Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2017   
05 Oct, 2017 IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2017   
29 Sep, 2017 Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2017   
24 Aug, 2017 The Insolvency and Bankruptcy Board of India (Employees Service) Regulations, 2017   
16 Aug, 2017 Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017   
16 Aug, 2017 Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017   
15 Jun, 2017 The Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017   
14 Jun, 2017 The Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017   
05 May, 2017 Clarification for IBBI (Voluntary Liquidation Process) Regulations, 2017   
31 Mar, 2017 Insolvency and Bankruptcy Board of India( Information Utilities) Regulations, 2017   
31 Mar, 2017 Insolvency and Bankruptcy Board of India (Voluntary Liquidation process) Regulations, 2017   
31 Jan, 2017 Insolvency and Bankruptcy Board of India( Procedure For Governing Boards Meetings) Regulations, 2017.   
31 Jan, 2017 Insolvency and Bankruptcy Board of India( Advisory Committee) Regulations, 2017.   
31 Jan, 2017 Insolvency and Bankruptcy Board of India(Engagement Of Research Associates And Consultants) Regulations, 2017.   
15 Dec, 2016 Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.   
30 Nov, 2016 Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016.   
23 Nov, 2016 Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.   
21 Nov, 2016 Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016.   
21 Nov, 2016 Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016.   

Circulars

Date Subject
23 Apr, 2020 Governance Structure of the Registered Valuers Organisation   
20 Mar, 2020 Pre-registration Educational Course under the IBBI (Insolvency Professional) Regulations, 2016   
20 Mar, 2020 Educational Course and Continuing Education under the Companies (Registered Valuers and Valuation) Rules, 2017   
17 Mar, 2020 Feature for modification of CIRP Forms submitted by an IP in compliance of regulation 40B of the CIRP Regulations, 2016   
06 Mar, 2020 MCA Circular for filing of various forms in the Registry (MCA-21) by IPs appointed under IBC, 2016   
17 Feb, 2020 MCA Circular for filing of various forms in the Registry (MCA-21) by IPs appointed under IBC, 2016   
28 Jan, 2020 Transfer of Membership from one RVO to another   
20 Jan, 2020 Deposit of unclaimed dividends and / or undistributed proceeds of voluntary liquidation process in accordance with regulation 39 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017   
09 Jan, 2020 Deposit of unclaimed dividends and / or undistributed proceeds of liquidation process in accordance with regulation 46 of the IBBI (Liquidation Process) Regulations, 2016   
06 Dec, 2019 Clarification-Voting on behalf of creditors in a class in the CIRP of Jaypee Infratech Limited   
16 Sep, 2019 Valuation required under the provisions of the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016  
07 Sep, 2019 Statutory Repositories under regulation 21(2)(c)(ii) of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017   
26 Aug, 2019 Applicability of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019 notified on 25th July, 2019   
14 Aug, 2019 Filing of Forms for the purpose of monitoring CIRPs and performance of IPs under the IBC, 2016 and the regulations made thereunder   
13 Aug, 2019 Valuation under the Insolvency and Bankruptcy Code, 2016: Appointment of Registered Valuer   
02 May, 2019 Temporary Surrender and Revival of Professional Membership of an Insolvency Professional   
12 Apr, 2019 Compliance with regulations 7(2) (ca) and 13 (2) (ca) of IBBI (Insolvency Professionals) Regulations, 2016   
17 Oct, 2018 Valuation under the Insolvency and Bankruptcy Code, 2016   
14 Sep, 2018 Voting in the Committee of Creditors   
31 Aug, 2018 Compliance of regulation 13 (2) of the IBBI (Insolvency Professionals) Regulations, 2016   

 

10 Aug, 2018 Notice for Meetings of the Committee of Creditors   
13 Jul, 2018 Appointment of Authorised Representative for Classes of Creditors under section 21 (6A) (b) of the Insolvency and Bankruptcy Code, 2016   
06 Jul, 2018 Empanelment of Insolvency Professional Entities   
12 Jun, 2018 Fee and other Expenses incurred for Corporate Insolvency Resolution Process   
30 May, 2018 Enrolment as Valuer Member by Registered Valuers Organisation and Registration as Registered Valuer by the Authority   
23 Apr, 2018 Commencement of Disciplinary Proceedings   
23 Apr, 2018 Pre- registration educational course under regulation 5(b) of the IBBI (Insolvency Professionals) Regulations, 2016   
19 Apr, 2018 Annual Compliance Certificate for Insolvency Professional Agencies   
05 Apr, 2018 Compliance with IBBI (Insolvency Professionals) (Amendment) Regulations, 2018   
23 Feb, 2018 Designated website for publishing Forms under the Regulations   
23 Feb, 2018 Confidentiality of Information relating to processes under the IBC 2016   
16 Jan, 2018 Fees payable to an insolvency professional and to other professionals appointed by an insolvency professional   
16 Jan, 2018 Disclosures by Insolvency Professionals and other Professionals appointed by Insolvency Professionals conducting Resolution Processes   
03 Jan, 2018 Insolvency professional to use Registration Number and Registered Address in all his communications   
03 Jan, 2018 Insolvency professional to ensure compliance with provisions of the applicable laws.   
03 Jan, 2018 Insolvency professional not to outsource his responsibilities   

Notifications under Insolvency and Bankrutpcy Code, 2016

Date Subject
12 May, 2020 Order of NCLT to file default record from the IU for application under section 7 of the Code   
24 Mar, 2020 Notification under section 4 of the Insolvency and Bankrutpcy Code, 2016  
19 Mar, 2020 Notification under section 5(15) of the Insolvency and Bankruptcy Code, 2016  
13 Mar, 2020 Constitution of NCLAT Bench at Chennai   
13 Mar, 2020 The Companies (Registration Offices and Fees) Second Amendment Rules, 2020 to include filing under IBC in Form GNL-2   
12 Mar, 2020 Justice (Retd.) Shri Bansi Lal Bhat, Member (Judicial), NCLAT as Officiating Chairperson of NCLAT   
30 Jan, 2020 Notification under section 227 read with rule 10 of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019   
03 Jan, 2020 Notification – regarding look after arrangement for office of President NCLT   
17 Dec, 2019 Appointment of Shri Sudhaker Shukla as Whole Time Member of IBBI   
18 Nov, 2019 Notification under section 227 of the Insolvency and Bankruptcy Code, 2016  
15 Nov, 2019 Notification of provisions under the Insolvency and Bankruptcy Code, 2016 relating to Personal Guarantors to corporate debtors   
16 Aug, 2019 Notification under the Insolvency and Bankruptcy Code, 2016   
11 Jun, 2019 Appointment of Part-Time Member in Insolvency and Bankruptcy Board of India   
08 Apr, 2019 Setting up of NCLT Benches at Indore and Amravati- Corrigendum to Hindi version of principal notification No.S.O. 1216(E) dated 08-03-2019   
19 Mar, 2019 Acceptance of resignation of Ms. Suman Saxena from the post of WTM   
08 Mar, 2019 Constitution of NCLT Bench Indore at Indore and NCLT Bench Amravati at Amravati   
06 Mar, 2019 Re-Constitution of Insolvency Law Committee as Standing Committee for review of implementation of IBC, 2016   
01 Mar, 2019 Appointment of Dr. Rajiv Mani as Ex-officio member   
01 Mar, 2019 Notification under section 7(1) of the Insolvency and Bankruptcy Code, 2016   
14 Feb, 2019 IBBI (Medical Facility to Chairperson and Whole-time Members) Scheme, 2019   
10 Aug, 2018 Exemption under Section 10 of the Income-tax Act, 1961   
27 Jul, 2018 Constitution of NCLT, Kochi Bench at Kochi   
12 Jul, 2018 Constitution of NCLT, Cuttack Bench at Cuttack   
28 Jun, 2018 Constitution of NCLT, Jaipur Bench at Jaipur   
23 May, 2018 Notification- Regarding Financial Stability and Development Council   
01 May, 2018 Provision of Sections 227 to 229 of the Insolvency and Bankruptcy Code, 2016   
23 Feb, 2018 Appointment of Shri Gyaneshwar Kumar Singh as Ex Officio Member   
16 Nov, 2017 Constitution of Insolvency Law Committee   
23 Oct, 2017 Delegation of powers and functions under section 247 of the Companies Act, 2013 to the IBBI   
23 Oct, 2017 Companies (Removal of Difficulties) Second Order, 2017   
18 Oct, 2017 Provisions of section 247 of the Companies Act, 2013 come into force   
18 Sep, 2017 Amendment in the Gazette Notification of Financial Stability and Development Council (FSDC)- regarding   
14 Jun, 2017 Regarding Fast Track Corporate Insolvency Resolution process   
24 May, 2017 Appointment of Dr. Saksena as Ex-officio member   
15 May, 2017 Provisions of Voluntary Liquidation or bankruptcy come into force   
30 Mar, 2017 Provisions of Vol. Liquidation, IU and Cross-Border Insolvency came into force   
09 Dec, 2016 Provisions relating to liquidation came into force   
30 Nov, 2016 Provisions relating to Corporate Insolvency Resolution process notified   
15 Nov, 2016 Provisions relating to Insolvency Professional Agencies.   
01 Nov, 2016 Provisions relating to powers and functions of IBBI.   
01 Oct, 2016 Appointment of Ex officio members.   
01 Oct, 2016 Establishment of IBBI and appointment of Chairperson.   
29 Aug, 2016 IBBI (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016.   
19 Aug, 2016 Provisions of Insolvency and Bankruptcy Code-Regarding.   
05 Aug, 2016 Provisions of Insolvency and Bankruptcy Code-Regarding.   

Guidelines

Date Subject
01 Aug, 2020 The Insolvency and Bankruptcy Board of India Research Initiative, 2019 (Updated as on 31st July, 2020)   
10 Jul, 2020 IBBI (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations)Guidelines, 2020   
02 Jun, 2020 Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2020   
27 Feb, 2020 Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018   
22 Jan, 2020 Amendment to the Guidelines for Technical Standards for the performance of core services and other services under the IBBI (Information Utilities) Regulations, 2017   
28 Nov, 2019 Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2019   
12 Sep, 2019 Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018   
06 Aug, 2019 Insolvency and Bankruptcy Board of India (Continuing Professional Education for Insolvency Professionals) Guidelines, 2019   
01 Jul, 2019 The Insolvency and Bankruptcy Board of India Research Initiative, 2019   
14 May, 2019 Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) Guidelines, 2019   
26 Mar, 2019 Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018   
30 Nov, 2018 Insolvency Professionals to act as Interim Resolution Professionals and Liquidator (Recommendation) (Second) Guidelines, 2018   
01 Nov, 2018 Guidelines for Empanelment of Advocates   
31 May, 2018 Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines 2018   
15 Dec, 2017 Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2017   
13 Dec, 2017 Guidelines for Technical Standards for Core Services of Information Utilities   
13 Oct, 2017 Guidelines on Essay Competition   
16 Aug, 2017 Guidelines for Internships with IBBI   
25 May, 2017 Insolvency Professionals to act as Interim Resolution Professionals (Recommendation) Guidelines, 2017   

Order, Rules and regulations by Other Authorities

Date Subject
16 Jul, 2020 RBI – Fair Practices Code for Asset Reconstruction Companies   
22 Jun, 2020 SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2020   
22 Jun, 2020 SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2020   
01 Jun, 2020 Notification for classification of MSME under section 7 of the MSMED Act, 2006   
05 May, 2020 Amendments in the Notification in the Ministry of Finance (Department of Revenue), No.11-2020- Central Tax, dated the 21st March, 2020   
27 Mar, 2020 RBI – Statement on Development and Regulatory Policies   
21 Mar, 2020 Notification No.11-2020 under CGST Act, 2017 regarding registration of corporate debtor under CIRP as a class of person   
25 Feb, 2020 MCA-The Companies (Auditor’s Report) Order, 2020   
13 Aug, 2019 CCI (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2019   
30 Jul, 2019 RBI Circular-External Commercial Borrowings (ECB) Policy & Rationalisation of End-use Provisions   
07 Jun, 2019 RBI (Prudential Framework for Resolution of Stressed Assets) Directions 2019   
02 Apr, 2019 Empanelment of Insolvency Professionals (IPs) to be appointed as Administrator, remuneration and other incidental and connected matters under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018   
07 Feb, 2019 RBI Circular- External Commercial Borrowings (ECB) Policy- ECB facility for Resolution Applicants under Corporate Insolvency Resolution Process   
03 Oct, 2018 Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018   
25 Jul, 2018 The Securities Contracts ( Regulation) ( Amendment) Rules, 2018   
31 May, 2018 Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2018   
31 May, 2018 Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2018   
31 May, 2018 Securities and Exchange Board of India (Delisting of Equity Shares) (Amendment) Regulations, 2018   
31 May, 2018 Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2018   
12 Feb, 2018 RBI- Resolution of Stressed Assets Revised Framework   
06 Jan, 2018 CBDT relaxes MAT provisions for companies facing Insolvency   
04 Jan, 2018 RBI-Submission of Financial Information to Information Utilities-Regarding   
03 Jan, 2018 The Companies (Amendment) Act, 2017- amends section 53 of the Companies Act, 2013   
19 Dec, 2017 RBI-Submission of Financial Information to Information Utilities   
27 Nov, 2017 SEBI- Information sharing between Debenture trustees and Information Utilities under IBBI ( Information Utilities) Regulations, 2017   
29 Sep, 2017 Deferment of implementation of SEBI Circular dated 4th August, 2017 regarding Disclosure by listed Entities   
25 Aug, 2017 The Banking Regulation (Amendment) Act, 2017- No.30 of 2017   
14 Aug, 2017 SEBI (Issue Of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2017   
14 Aug, 2017 SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2017   
11 Aug, 2017 RBI Credit Information Companies(Amendment) Regulations, 2017   
04 Aug, 2017 SEBI Circular Disclosure by listed Entities of default on payment of interest/ repayment of principal amount on loans from banks / financial institutions, debt securities, etc