IBBI notifies 3 regulations under Insolvency and Bankruptcy Code 2016.

Q.  Insolvency and Bankruptcy Board on 23rd Nov notified how many sets of regulations?
- Published on 25 Nov 16

a. 4
b. 5
c. 6
d. 3

ANSWER: 3
 
IBBI notifies 3 regulations under Insolvency and Bankruptcy Code 2016.The Insolvency and Bankruptcy Board of India on 23rd Nov 2016 notified 3 sets of regulations.

Regulations inter alia providing for Registration, Regulation and Oversight of Insolvency Professionals

These regulations were notified under the Code and will come into effect from 29th Nov 2016

All these regulations provide for registration, regulation and oversight of insolvency professionals as part of the Code

Who Can Register as Insolvency professionals?
  • These include CA, Advocates, CS and Cost Accountants with 10 years practice/employment
  • Graduate with 15 years post qualification management experience on passing Limited Insolvency Exam
  • Anyone who passes the National Insolvency Examination
  • Limited liability partnership, registered partnership or company can be recognised as the insolvency professional entity under certain conditions
  • Insolvency professional can use the organisational resources of recognised insolvency professional entities

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