| Regulation | Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. | Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Fourth Amendment) Regulations, 2022. | Comments |
| Regulation 2, in sub-regulation (1), in clause (g), | “professional member” means an individual who has been enrolled as a member of an insolvency professional agency | “professional member” means an individual or an insolvency professional entity recognised by the Board under regulation 13 who has been enrolled as a member of an insolvency professional agency | The words “an individual”, the words “an individual or an insolvency professional entity recognised by the Board under regulation 13” shall be substituted. |
| Regulation 4 Eligibility after sub regulation (1) new regulation inserted | | No insolvency professional entity, recognised by the Board under regulation 13, shall be eligible to be registered as an insolvency professional, if the entity and/or any of its partner or director, as the case may be, is not fit and proper person under clause (g) of sub-regulation (1). | No insolvency professional entity, recognised by the Board under regulation 13, shall be eligible to be registered as an insolvency professional, if the entity and/or any of its partner or director, as the case may be |
| Regulation 6 Application for certificate of registration after sub-regulation (1) new sub regulation is inserted | | An insolvency professional entity eligible for registration as an insolvency professional under sub-regulation (2) of regulation 4 may make an application to the Board in Form AA of Second Schedule along with a non-refundable application fee of two lakh rupees.” 6. In the principal regulations, in regulation 7, in sub-regulation (2), | An insolvency professional entity eligible for registration as an insolvency professional under sub-regulation (2) of regulation 4 may make an application to the Board in Form AA of Second Schedule along with a non-refundable application fee of two lakh rupees |
| Regulation 7 Certificate of registration,in sub-regulation (2) after clause (h) new sub clause inserted (ha) After clause (i),new Proviso shall be inserted, namely | | in case an insolvency professional entity is an insolvency professional, it shall allow only a partner or director, as the case may be, who is an insolvency professional and holds a valid authorisation for assignment to sign and act on behalf of it Provided that clause (ba) and clause (d) shall not be applicable to an insolvency professional which is insolvency professional entity. | If partner or director of an insolvency professional entity entity has valid authorisation of assignment then only a partner and director is allow to sign |
| Reg 7A Authorisation of Assignment | An insolvency professional shall not accept or undertake an assignment after 31st December, 2019 unless he holds a valid authorisation for assignment on the date of such acceptance or commencement of such assignment, as the case may be | An insolvency professional shall not accept or undertake an assignment after 31st December, 2019 unless it holds a valid authorisation for assignment on the date of such acceptance or commencement of such assignment, as the case may be | The word, “he”, the word “it” shall be substituted. |
| Reg 12 Recognition of Insolvency Professional Entities in sub regulation (1) clause (a) Clause (c) | its sole objective is to provide support services to insolvency professionals majority of [its equity shares] is held by insolvency professionals, who are its directors, in case it is a company | its objective is to provide support services to insolvency professionals or to carry on the activities of an insolvency professional or both majority of its equity shares and voting rights are held by insolvency professionals, who are its directors, in case it is a company | its objective is to provide support services to insolvency professionals or to carry on the activities of an insolvency professional or both |
| Regulation 13, sub-regulation (2),in clause (b) after second proviso In clause (c) after second provision | | Provided further that in case the insolvency professional entity is enrolled with an insolvency professional agency, the intimation under this clause shall also be made to such insolvency professional agency to update its register of professional members. Provided further that in case the insolvency professional entity is enrolled with an insolvency professional agency, the intimation under this clause shall also be made to such insolvency professional agency to update its register of professional members | In case the insolvency professional entity is enrolled with an insolvency professional agency, the intimation under this clause shall also be made to such insolvency professional agency to update its register of professional members |
