valid as on 25/02/2024

2.11.2:Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017

2. Definitions.

(1) In these regulations, unless the context otherwise requires –

(a) “associated person” means a proprietor, partner, director, officer, or an employee of a service provider, a professional or a valuer engaged by a service provider or any other person acting for or on behalf of a service provider under inspection or investigation;

(b) “Code” means the Insolvency and Bankruptcy Code, 2016 (31 of 2016);

(c) “Disciplinary Committee” means a committee of whole time member(s) constituted by the Board under sub-section (1) of section 220 of the Code:

Provided that the whole time member(s) in the Disciplinary Committee shall not be associated with the investigation or inspection;

(d) “electronic form” shall have the same meaning as assigned to it in clause (r) of section 2 of the Information Technology Act, 2000 (21 of 2000);

(e) “Investigating Authority” means an officer or a team of officers of the Board, which has been directed by the Board, to conduct the investigation of a service provider;

(f) “Inspecting Authority” means an officer or a team of officers of the Board, which has been directed by the Board, to conduct the inspection of a service provider;

(g) “noticee” means a service provider or an associated person who is alleged to have contravened any provision of the Code, or the rules, regulations or guidelines made thereunder;

(h) “record” means the books of accounts, registers, documents, call records and other records, whether maintained in electronic form or otherwise, of a service provider and its associated person;

(i) “section” means section of the Code;

(j) “service provider” means insolvency professional agency, insolvency professional, insolvency professional entity or information utility,

“stakeholder” means a stakeholder as defined in clause (j) of sub-regulation (1) of regulation 2 of the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017.

(2) The words and expressions used and not defined in these regulations, but defined in the Code, shall have the same meaning assigned to them in the Code.

Omitted vide  Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022. dated 14.06.2022. To view the Notification, Click Here
Inserted vide  Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022. dated 14.06.2022. To view the Notification, Click Here

IBBI Notification dated 14.06.2022 regarding Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022


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