[Analysis] Introduction of new fee structure by the IBBI – A step towards ‘Aatmanirbhar’ Board!
- Blog|News|Insolvency and Bankruptcy Code|
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- Last Updated on 23 September, 2022
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Rachit Sharma (CS, LL.B) | Tamanna Gaba (CS, M.Com) | Isha Bathla (CS, MBA)
The Insolvency and Bankruptcy Board of India (IBBI) vide Press Release, dated June 24, 2022 had issued the discussion paper on financial self-sufficiency of insolvency and bankruptcy board of India wherein it had proposed to increase the fees and other charges levied from service providers, professionals appointed by Insolvency Professional and levy of fee on the processes under the Code.
The Board justified that there was a need to review the fees/ charges levied by the Board, to ensure the adequacy of internal receipts to meet its fund requirements in the forthcoming years and gradually reduce its reliance on Government aid.
Later on, the IBBI vide Notification No. IBBI/2022-23/GN/REG 96, 97 & 98 dated 20-09-2022 notified the following Regulations to implement the proposals as laid down in the ‘Discussion Paper on Financial Self-Sufficiency of IBBI’ as issued by the IBBI:
(a) The IBBI (Insolvency Professionals) (Third Amendment) Regulations, 2022,
(b) The IBBI (Information Utilities) (Second Amendment) Regulations, 2022 and
(c) The IBBI (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2022 respectively
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