IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2018

The amendment regulation provide for composition of the Governing Board of an IPA.
The Governing Board of an IPA shall consist of managing director, independent directors and shareholder directors. The managing director shall not be considered either as an independent director or shareholder director. An individual may serve as an independent director for a maximum of two terms of three years each or part thereof, or up to the age of seventy years, whichever is earlier.
Further, an IPA shall, subject to the guidelines issued by the IBBI from time to time. The appointment, renewal of appointment and termination of service of the managing director shall be subject to prior approval of the IBBI.