| Regulation | Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017. | Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022. | Comments |
| Reg 3 Filing of grievance and complaint.sub-regulation (5) | A grievance or a complaint shall be filed with the Board on its dedicated portal www.ibbi.gov.in”. | The grievance and compliant has to be filed at www.ibbi.gov.in | |
| Reg 6 short tittle substituted sub-regulation (2) New proviso inserted Sub-reg (3) Sub- reg (4) | Disposal of grievance by the Board The aggrieved and the service provider shall submit the information and records sought under sub regulation (1) within seven days thereof. Provided that an additional time not exceeding seven days may be granted by the Board for submitting the information and records sought under sub-regulation (2) on the request of the service provider.” The Board shall close the grievance within thirty days of its receipt if it does not require any redress. The Board shall direct the service provider to redress the grievance within thirty days of its receipt if it requires any redress | The aggrieved and service provider has to submit the records and information within seven days No additional time will be grant by the board Timelines for disposalof grievance have been reduced. | |
| Reg 6ANew Reg inserted | (1) Notwithstanding anything contained in regulation 6, the Board may forward a grievance against an insolvency professional for disposal by the insolvency professional agency of which he is a professional member.(2) On receipt of the grievance under sub-regulation (1), the insolvency professional agency shall dispose of the grievance in accordance with its bye-laws and intimate the Board within thirty days of receipt of grievance.” | With respect to Grievance proceedings against an IP,the Board may forward the same for disposal (by theinsolvency professional agency of which he is aprofessional member) within 30 days. | |
| Reg 7 Disposal of complaint Sub- regulation (2) New proviso is inserted Sub reg (3) Sub reg (5) Sub reg (7) | The complainant and the service provider shall submit the information and records sought under sub-regulation (1) within | The complainant and the service provider shall submit the information and records sought under sub-regulation (1) within seven days thereof Provided that an additional time, not exceeding seven days, may be granted by the Board on request of the service provider.” The Board shall investigate the information and records and form an opinion whether there exists a prima facie case within thirty days of the receipt of the complaint. If the complainant is not satisfied with the decision of the Board under sub-regulation (4), he may request a review within thirty days Where the Board is of the opinion that there exists a prima facie case, it may issue a show cause notice under regulation 11 of the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 or order an investigation under Chapter III of Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017.” | The time limit is to submit the information and records is been reduce No additional time will be allow With respect to Complaint Proceedings, the Board shallinvestigate the information and records and form anopinion whether there exists a prima facie case withinthirty days of the receipt thereof. The complainant is not satisfied with the decision of the board then he may request to review within thirty days. Where the Board is of the opinion that there exists aprima facie case, it may issue a show cause notice ororder an investigation. |
For reference : https://ibbi.gov.in//uploads/legalframwork/c317bc75a22562eb4a439072ecda405f.pdf
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