The Insolvency and Bankruptcy Board of India Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022 to amend the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017.
Key points:
- A grievance or a complaint shall be filed with the Board on its dedicated portal www.ibbi.gov.in.
- The amendment modifies the period for the aggrieved and the service provider to submit the information and records from fifteen days to seven days. The amendment inserts a proviso:
“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.”
- Time period in which the Board must close the grievance has been modified from forty-five days to thirty days.
- Time period in which the Board must direct the service provider to redress the grievance has been modified from forty-five days to thirty days.
- Following regulation on ‘Disposal of grievance by Insolvency Professional Agency’ has be inserted
6A. Disposal of grievance by Insolvency Professional Agency
(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.”