insolvency professional agency

IBBI has vide its notification dated 27th April, 2021 amended the IBBI (Model Bye Laws and Governing Board of Insolvency Professional Agencies), Regulations as under:

Regulation 12A pertains to authorisation for assignment wherein the insolvency professional agency may on application by its professional member issue or renew its authorisation for assigment.

Sub Clause 5 says that if the authorisation for assignment is not issued, renewed or rejected by the Agency within 15 days of the date of receipt of the application by the agency, it is deemed that such authorisation is issued or renewed, as the case may be.

In view of the covid pandemic, this period of 15 days is extended to 30 days upto 31st October, 2021

Sub Clause 7 says that an order of rejection is passed, the aggrieved applicant may make an appeal to the Membership Committee within 7 days of the date of the order. This period of 7 days is extended to 15 days upto 31st October, 2021.

Copy of the notification can be found at the IBBI site. viz.

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