Insolvency and Bankruptcy Board of India (Board) has amended the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 in order to reduce the compliance burden and other risks amid the COVID-19 outbreak.
The highlights of the same are:
• The time limit for payment of membership fees for the Insolvency professionals for the financial year 2019-2020 is extended till June 30, 2020.
• In case of any Insolvency Professional Entity (Entity) wherein case any individual ceases to act as or in case any individual joins the entity as its Director or partner, as the case may be, during the period from March 28, 2020, to December 31, 2020, then the entity shall inform the Board within 30 days (otherwise within 7 days) of such cessation or joining as the case may be.
• The time limit for payment of membership fees for the Insolvency Professional Entities for the financial year 2019-2020 is extended till June 30, 2020.
Effective date: March 28, 2020
Source: Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment)
Recent Comments