Insolvency and Bankruptcy (Model ByeLaws of Insolvency Professional Agencies) Regulations, 2016.

In exercise of the powers conferred by sub- section (2) of section 196 read with sub-section (1) of section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Board hereby makes the following Regulations, namely –

Short Title and Commencement

1. (1) These Regulations may be called the Insolvency and Bankruptcy (Model ByeLaws of Insolvency Professional Agencies) Regulations, 2016.

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

Definitions

2. (1) In these Regulations, unless the context otherwise requires –

(a) “Board” means the Insolvency and Bankruptcy Board of India constituted under section 188 of the Act;

(b) “bye-laws” means the bye-laws of an insolvency professional agency that are made under section 205 of the Code and under these Regulations;

(c) “Code” means the Insolvency and Bankruptcy Code, 2016;

(d) “Governing Board” means the authority responsible for the internal governance and management of an insolvency professional agency, formed in accordance with these Regulations and the insolvency professional agency’s bye-laws;

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