\n| \n Insolvency experienced \/ other professionals engaged by the insolvency professional<\/strong><\/p>\n<\/td>\n| \n Name of professional<\/strong><\/p>\n<\/td>\n| \n Professional Membership number<\/strong><\/p>\n<\/td>\n| \n Permanent account number (PAN)<\/strong><\/p>\n<\/td>\n| \n Relationship with<\/strong><\/p>\n<\/td>\n<\/tr>\n\n| \n Interim resolution professional or resolution professional<\/strong><\/p>\n<\/td>\n| \n Other professional (registered valuer or accountant or advocate \/ any other professional)<\/strong><\/p>\n<\/td>\n| \n Corporate debtor<\/strong><\/p>\n<\/td>\n| \n Name of the financial creditor (s)<\/strong><\/p>\n<\/td>\n| \n Interim finance provider (s)<\/strong><\/p>\n<\/td>\n| \n Name of prospective resolution applicant(s)<\/strong><\/p>\n<\/td>\n<\/tr>\n\n| \n Interim resolution professional \/ resolution professional<\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n<\/tr>\n | \n| \n Registered valuer<\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n<\/tr>\n | \n| \n Accountant<\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n A<\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n<\/tr>\n | \n| \n Advocate<\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n<\/tr>\n | \n| \n Any other professional (write kind of profession)<\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n | \n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n After Clause 23 A<\/strong>, the following explanation is inserted- <\/p>\n\n\n\n\u201cExplanation<\/strong>– A disciplinary proceeding shall be considered as a pending action against the professional member from the date on which a show cause notice has been issued to him by the Board or Agency, as the case may be, till the time it is disposed of by the Disciplinary Committee of the Board or Agency as the case may be.\u201d<\/em><\/p>\n\n\n\nIn Clause 24 (2) (d)<\/strong>, the following table shall be substituted- <\/p>\n\n\n\nClause 24 (2) (d)- <\/strong>The Imposition of monetary penalty as per the\ntable given below-<\/p>\n\n\n\n| \n Sr. No. \n <\/td> | \n Contravention-\n <\/td> | Monetary Penalty <\/td><\/tr> | | \n 1\n <\/td> | Failure to submit disclosures\/ returns, etc. to the agency \/submits inadequate \/incorrect disclosures\/returns, etc., relating to any assignment, as required under the Code & Regulations made thereunder or by-laws of the Agency or being called upon by the Board or the Agency. <\/td> | Up to 1,00,000 Rs. \/ 25% of the fees, whichever is more. Subject to a Minimum of 50,000 Rs <\/td><\/tr> | | \n 2\n <\/td> | Accepts an assignment having a conflict of interests with the stakeholders. <\/td> | Up to 2,00,000 Rs. \/ 25% of the fees, whichever is more. Subject to a Minimum of 1,00,000 Rs <\/td><\/tr> | | \n 3\n <\/td> | \n He fails to maintain records properly related to\n any of his assignments.\n <\/td> | Up to 1,00,000 Rs. \/ 25% of the fees, whichever is more. Subject to a Minimum of 50,000 Rs <\/td><\/tr> | | \n 4\n <\/td> | \n Rejects a claim without giving any reason while\n undertaking an assignment \/ fails to exercise due diligence in claim\n verification\n <\/td> | Up to 2,00,000 Rs. \/ 25% of the fees, whichever is more. <\/a> Subject to a Minimum of1,00,000 Rs <\/td><\/tr>| \n 5\n <\/td> | \n Fails to comply with the directions issued by\n Adjudicating Authority \/ the Appellate Authority\n <\/td> | Up to 2,00,000 Rs. \/ 25% of the fees, whichever is more. Subject to a Minimum of 1,00,000 Rs <\/td><\/tr> | | \n 6\n <\/td> | \n Outsources his duties and obligations\n <\/td> | Up to 2,00,000 Rs. \/ 25% of the fees, whichever is more. Subject to a Minimum of 1,00,000 Rs <\/td><\/tr> | | \n 7\n <\/td> | \n Fails to appoint registered valuers, wherever\n required, under the Code or Regulations made thereunder, for conducting a\n valuation.\n <\/td> | Up to 2,00,000 Rs. \/ 25% of the fees, whichever is more. Subject to a Minimum of 1,00,000 Rs <\/td><\/tr> | | \n 8\n <\/td> | Fails to supply the information called for \/ to comply with the requirements of information sought by the\u00a0 Board, Agency, the Appellate Authority or Adjudicating Authority or does not cooperate with the inspection or investigating authority. <\/td> | Up to 1,00,000 Rs. \/ 25% of the fees, whichever is more. Subject to a Minimum of 50,000 Rs <\/td><\/tr> | | \n 9\n <\/td> | Fails to make a public announcement in the manner provided for in the relevant Regulations. <\/td> | Up to 2,00,000 Rs. \/ 25% of the fees, whichever is more. Subject to a Minimum of 1,00,000 Rs <\/td><\/tr> | | \n 10\n <\/td> | Fails to provide notice regarding meetings of creditors. <\/td> | Up to 1,00,000 Rs. \/ 25% of the fees, whichever is more. Subject to a Minimum of 50,000 Rs <\/td><\/tr> | | \n 11\n <\/td> | Accepts resolution plan from ineligible resolution applicants. <\/td> | Up to 2,00,000 Rs. \/ 25% of the fees, whichever is more. Subject to a Minimum of 1,00,000 Rs <\/td><\/tr> | | \n 12\n <\/td> | Fails to take action regarding preferential, undervalued, fraudulent or extortionate credit transactions. <\/td> | Up to 2,00,000 Rs. \/ 25% of the fees, whichever is more. Subject to a Minimum of 1,00,000 Rs <\/td><\/tr> | | \n 13\n <\/td> | Enters into contract\/agreement with professionals in an incomplete and improper manner <\/td> | Up to 1,00,000 Rs. \/ 25% of the fees, whichever is more. Subject to a Minimum of 50,000 Rs <\/td><\/tr> | | \n 14\n <\/td> | Contravenes any provision of the bye-laws\/ regulations for which no specific penalty has been provided. <\/td> | Up to 1,00,000 Rs. \/ 25% of the fees, whichever is more. Subject to a Minimum of 50,000 Rs <\/td><\/tr><\/tbody><\/table>\n\n\n\n<\/span>Conclusion<\/strong><\/span><\/h2>\n\n\n\n The Insolvency & Bankruptcy Board of India (Model Bye-Laws & Governing Board of Insolvency Professional Agencies) Regulations-2016 were published in notification no. IBBI\/2016-17\/GN\/REG001 on November 21st 2016. It has been amended by The Insolvency & Bankruptcy Board of India (Model Bye-Laws & Governing Board of Insolvency Professional Agencies)-(Second Amendment) Regulations, 2022, in notification no. IBBI\/2022-23\/GN\/REG101, on October 31st 2022, introduced various substitutions and inclusions in the principal regulation. <\/p>\n","protected":false},"excerpt":{"rendered":" The Insolvency & Bankruptcy Board of India (Model Bye-Laws & Governing Board of Insolvency Professional Agencies)-(Second Amendment) Regulations, 2022 The Insolvency and Bankruptcy Board of India issued a notification on October 31st 2022, Informing about the IBBI (Model Bye-Laws & Governing Board of Insolvency Professional Agencies)-(Second Amendment) Regulations, 2022. The Board included a few regulations […]<\/p>\n","protected":false},"author":13,"featured_media":12348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[42],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/12342"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=12342"}],"version-history":[{"count":8,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/12342\/revisions"}],"predecessor-version":[{"id":12354,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/12342\/revisions\/12354"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/12348"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=12342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=12342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=12342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} | |
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