The Insolvency and Bankruptcy Board of India (IBBI) had issued a few circulars, from time to time, in the exercise of powers under section 196 of the Insolvency and Bankruptcy Code, 2016 in order to facilitate Insolvency Professionals to carry out processes under the Code.
The IBBI conducted an exercise of review of regulations, and circulars based on experience gained. It is observed that certain circulars are no longer required on account of being already provided in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (IP Regulation) or the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (Model Bye-Laws Regulations) or the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 (IU Regulations), as the case may be.
Accordingly, it has been decided to rescind the circulars listed in the Annexure, with immediate effect.
You are advised to take note of the above and follow the provisions of relevant Regulations.
The circular is issued with the approval of the competent authority.
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