valid as on 18/04/2019

IBC Section 205-Insolvency professional agencies to make bye-laws.
Effective from 15.11.2016

Subject to the provisions of this Code and any rules or regulations made thereunder and after obtaining the approval of the Board,every insolvency professional agency shall make specified by the Board under sub-section (2) of section 196.

Refer regulation 3 and 4 of  Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 . To view the regulations,Click Here

2.2.3:Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016.

Insolvency professional agencies to have Bye-Laws.

3. (1) A company shall submit to the Board its bye-laws along with the application for its registration as an insolvency professional agency.

(2) The bye-laws shall provide for all matters specified in the

(3) The bye-laws shall at all times be consistent with the model bye-laws.

(4) The insolvency professional agency shall publish its bye-laws, the composition of all committees formed, and all policies created under the bye-laws on its website.

Refer the schedule of Model Bye-laws of an Insolvency  Professional Agency. To view the schedule,Click Here

2.2.4:Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016.

Amendment of Bye-Laws.

4.(1) The Governing Board may amend the bye-laws by a resolution passed by votes in favour being not less than three times the number of the votes, if any, cast against the resolution, by the directors.

(2) A resolution passed in accordance with sub-regulation (1) shall be filed with the Board within seven days from the date of its passing, for its approval.

(3) The amendments to the bye-laws shall come into effect on the seventh day of the receipt of the approval, unless otherwise specified by the Board.


IBC-Enforcement Notification [S.O.3453(E)] dated 15/11/2016


Schedule-Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016.


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