Insolvency and Bankruptcy Board of India (Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 and Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 to set up a streamlined and speedy grievance redressal process, In 2017 amended the Insolvency and Bankruptcy Board of India (Procedure for Dealing with Complaints and Litigation) (Amendment) Regulations, 2022 and the Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022.
The Insolvency and Bankruptcy Code, 2016 (the Code) read with the Insolvency and Bankruptcy Board of India (Procedure for Dealing with Complaints and Litigation) Regulations, 2017, deals with complaints and complaints filed against insolvency professionals, insolvency professional agencies and information utilities. Provides mechanism for redressal of litigation. Further, the Code i.e. the Code read with the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 provides a mechanism to inspect and investigate insolvency professional agencies, insolvency professionals and information utilities and to pass orders by the Disciplinary Committee .
The grievance/litigation redressal mechanism and subsequent enforcement action have been amended to enable speedy redressal and avoid undue burden on the service providers. In order to minimize such delays and ensure a speedy and result-oriented enforcement mechanism, the amended regulation provides for the following:
To address the problem of delays in the existing mechanism, amendments to various timelines relating to enforcement procedures provided in the (Procedure for Dealing with Grievances and Litigation) Regulations, 2017 and (Inspection and Investigation) Regulations, 2017.
Effective participation of IPAs in regulating IPs through investigation of complaints received against IPs.
To provide information to the Committee of Creditors (CoC) adjudicating authority (AA) about the outcome of the order of the Disciplinary Committee (DC).
The amendment regulations are effective from June 14, 2022. This is http://www.ibbi.gov.in. are available on