IBBI Rescinds Some Circulars with Immediate Effect [Read Circular]

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The Insolvency and Bankruptcy Board of India (IBBI), on Monday has rescinded various earlier circulars issued by IBBI by exercising its power under Section 196 of the Insolvency and Bankruptcy Code, 2016, with immediate effect.

As per the circular, IBBI conducted an exercise of review of its circulars and withdrew its earlier circulars as these circulars are no longer required due to incorporation of those changes in the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 or IBBI (Insolvency Professionals) Regulations, 2016.

“The Board issues Regulations in line with the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018. The Board also issues Circulars in exercise of powers under section 196 of the Insolvency and Bankruptcy Code, 2016. In line with the same, the Board conducted an exercise of review of circulars issued by the Board. It was observed that certain circulars are no longer required on account of being already provided in IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 or IBBI (Insolvency Professionals) Regulations, 2016 as the case may be. After reviewing the circulars, it has been decided to rescind circulars listed in the Annexure, with immediate effect,” the Board said.

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No. IBBI/CIRP/3/2022

Date of Judgement:   23rd May, 2022

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