IBBI Update : Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022

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 online: Provided that a grievance or complaint shall be filed by mail at complaintsandgrievances@ibbi.gov.in or by post or hand delivery at the Office of the Board, until the Board provides a facility for online filing of grievances and complaints. 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 The aggrieved and the service provider shall submit the information and records sought under sub regulation (1) within fifteen days thereof. The Board shall close the grievance within forty-five days of its receipt if it does not require any redress. The Board shall direct the service provider to redress the grievance within forty-five days of its receipt if it requires any redress 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 wi