Contents News/Article Date: 13th September 2022
Relating to which Act: Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment )Regulations 2022
Type: Notification No. IBBI / 2022-23 / GN / REG 092
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This is applicable to All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses and on the website of the IBBI)
Details of matters pending with the Supreme Court of India and various High Courts
Insolvency professionals are the main link with IBBI in relation to processes under the Code wherefrom such litigations arise. It is, therefore, deemed appropriate that the Insolvency Professionals proactively provide prompt information and papers to IBBI to enable it to examine the provision of the statute under question with a view to implead itself for appropriate defense.
Accordingly, Insolvency Professionals are advised to inform IBBI without any delay about any important issues relating to vires, interpretation, and applicability of the provisions of the Code, Rules, and Regulations made thereunder are being contested before the High Courts and the Supreme Court of India, in respect of any assignment handled by them as on date.
Further, the information as above shall be submitted by Insolvency Professionals as and when any such case is filed before Supreme Court and High Courts.
Karma Global has entered into a collaborative alliance with S. D. Puri & Co. for all matters relating to insolvency, bankruptcy, litigations, disputes, settlements, the charter of demands, and any such issues of professionals approaching us for any kind of help, it will take up this work in alliance with S. D. Puri & Co. who are leading advocates for corporates and high ended clients.
Subject: The Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, namely: – Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2022.
For greater details, attached is the notification