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In view of the provisions relating to 'temporary surrender of professional membership' contained in clause 26 of the Schedule to the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, have been substituted vide Notification No. IBBI/2019-20/GN/REG043, dated 23rd July 2019 (w.e.f. 23-07-2019) and pursuant to the introduction of a provision of ‘Authorisation for Assignment’, it is clarified that the process of ‘Temporary Surrender of Professional Membership,’ ceases to exist with the issuance of above-mentioned notification.
This clarification is issued in exercise of the powers conferred under clauses (aa), (g) and (p) of sub-section (1) and sub-section (2) of section 196 of the Insolvency and Bankruptcy Code, 2016. View Clarification
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