IBBI Notifies IBBI (Engagement of Research Associates and Consultants) (Amendment) Regulations, 2022

The Insolvency and Bankruptcy Board of India(IBBI) vide notification No. IBBI/2022-23/GN/ REG083 dated 1st June 2022 notifies IBBI (Engagement of Research Associates and Consultants) (Amendment) Regulations, 2022

The Notification is Given Below:

No. IBBI/2022-23/GN/REG083.-  In exercise of the powers conferred by section 240 read with section 194 of the Insolvency and Bankruptcy Code, 2016 (No. 31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) Regulations, 2017, namely:-

1.  (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants (Amendment) Regulations, 2022.

(2)  They shall come into force on the date of their publication in the Official Gazette.

2.   In the Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) Regulations, 2017, (hereinafter referred to as ‘the principal regulations’) in regulation 5, after sub-regulation (3), the following proviso shall be inserted, namely:-

“Provided that the Chairperson may amend the consolidated remuneration given in Schedule II for reasons to be recorded in writing.”

3.  In the principal regulations, in regulation 8, for sub-regulation (1), the following sub-regulation shall be substituted, namely:-

“(1) A selected candidate shall ordinarily be engaged as a Research Associate or Consultant, as the case may be, on contractual basis for a period not less than one year and up to three years:

“Provided that the Chairperson may extend the term of such engagement, one year at a time, up to a maximum of total five years.”

4.   In the principal regulations, for Schedule II, the following Schedule shall be substituted, namely:-

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