With a view to putting in place, a streamlined and swift complaint handling procedure, the Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022 and the Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022 to amend the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 and the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017.
The Insolvency and Bankruptcy Code, 2016 (Code) read with Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 provides a mechanism for redressal of complaints and grievances filed against insolvency professionals, insolvency professional agencies, and information utilities. Further, the Code read with Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 provide a mechanism for carrying out inspections and investigations on insolvency professional agencies, insolvency professionals, and information utilities and passing orders by Disciplinary Committee.
The mechanism of complaint/ grievance redressal and subsequent enforcement action has been amended to have expeditious redressal and also to avoid placing an undue burden on the service providers. To curtail such delays and to ensure an expeditious and result-oriented enforcement mechanism, the Amendment Regulations provide for the following:
The Amendment Regulations are effective from 14th June, 2022.
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