Insolvency and Bankruptcy (Registration of Insolvency Professional Agencies) Regulations, 2016
In exercise of the powers conferred by section 196 read with sub-sections (1) and (2)(zz)- (zzd) of section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Board hereby makes the following Regulations to provide a framework for registration of insolvency professional agencies in terms hereof, namely
Short Title and Commencement
1. (1) These Regulations may be called the Insolvency and Bankruptcy (Registration of Insolvency Professional Agencies) Regulations, 2016.
(2) These Regulations shall come into force on the date of their publication in the Official Gazette.
2. (1) In these Regulations, unless the context otherwise requires –
(a) “Board” means the Insolvency and Bankruptcy Board of India established under Section 188 of the Code;
(b) “bye-laws” means the bye-laws of an insolvency professional agency made under section 205 of the Code, in accordance with the Insolvency and Bankruptcy (Model Bye-Laws of Insolvency Professional Agencies) Regulations, 2016;
(c) “Code” means the Insolvency and Bankruptcy Code, 2016;
(d) “control” shall have the same meaning as assigned to it in section 2(27) of the Companies Act, 2013;