Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022.

Disciplinary Proceedings.

Regulation 11. The disciplinary proceedings shall be conducted in accordance with the provisions of Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017.

First Schedule After Clause 8A

8B. An insolvency professional shall disclose his relationship, if any, with the corporate debtor, other professionals engaged by him, financial creditors, interim finance providers, and prospective resolution applicants to the insolvency professional agency of which he is a member, within the time specified hereunder:

Relationship of the insolvency professional with Disclosure to be made within three days of Corporate debtor his appointment. Registered valuers / accountants/ legal professionals/ other professionals appointed by him appointment of the professionals. Financial creditors the constitution of committee of creditors. Interim finance providers the agreement with the interim finance provider Prospective resolution applicants the supply of information memorandum to the prospective resolution applicant If relationship with any of the above, comes to notice or arises subsequently of such notice or arising.

8C. An insolvency professional shall ensure disclosure of the relationship, if any, of the other professionals engaged by him with himself, the corporate debtor, the financial creditor, the interim finance provider, if any, and the prospective resolution applicant, to the insolvency professional agency of which he is a member, within the time specified as under:

Relationship of the other professional with Disclosure to be made within three days of (2) Insolvency professional the appointment of the other professional Corporate debtor the appointment of the other professional Financial creditors constitution of committee of creditors. Interim finance providers the agreement with the interim finance provider or three days of the appointment of the other professional, whichever is later. Prospective resolution applicants the supply of information memorandum to the prospective resolution applicant or three days of the appointment of the other professional, whichever is later. If relationship with any of the above, comes to notice or arises subsequently of such notice or arising.

Explanation: For the purposes of clause 8B and 8C above, ‘relationship’ shall mean any one or more of the following four kinds of relationships at any time or during th