IBBI Revokes a few Circulars with Immediate Effect

IBBI Revokes a few Circulars with Immediate Effect The Insolvency and Bankruptcy Board of India (IBBI) has immediately revoked a few circulars in light of recent changes to the Insolvency and Bankruptcy Code (IBC) and the regulations. IBBI issued Circular Stated, "The Board conducted an exercise of review of regulations, circulars based on experience gained. It is observed that certain circulars are no longer required on account of being already provided in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 [IP Regulation] or the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 [Model Bye-Laws Regulations] or the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 [IU Regulations], as the case may be." The IBBI clarified that an IP shall render services for a fee that is a reasonable reflection of his work, raise bills/invoices in his name toward such fees, and such fees shall be paid to his bank account, etc. The circular that was rescinded included the circular that stated an IP shall not outsource any of his duties and responsibilities under the Code. IBBI further stated, "Accordingly, it has been decided to rescind circulars listed in the Annexure, with immediate effect. You are advised to take note of the above and follow the provisions of relevant Regulations." For Official Circular Download PDF Given Below: