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Core Purpose

Amends the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 regarding the timeframe for certain procedures.

Detailed Summary

The notification issued by the Insolvency and Bankruptcy Board of India (IBBI) introduces the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2025. This amendment modifies the 2017 regulations concerning grievance and complaint handling procedures. Specifically, it revises regulation 3, sub-regulation (4) by replacing the term '30 days' in the proviso with a more explicit timeframe. The new wording specifies 'thirty days from the date of closure of all proceedings related to the process under the Code before the Adjudicating Authority, the Appellate Authority, the High Court, or the Supreme Court, as the case may be'. These amended regulations will come into force on the date of their publication in the Official Gazette.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-29012025-260597 EXTRAORDINARY PART III-Section 4 PUBLISHED BY AUTHORITY No. 80] NEW DELHI, WEDNESDAY, JANUARY 29, 2025/MAGHA 9, 1946 743 GI/2025 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III-SEC.4] INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 28th January, 2025 Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2025. F. No. IBBI/2024-25/GN/REG119.β€”In exercise of the powers conferred under sections 196, 217 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017, namely: - 1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2025. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017, in regulation 3, in sub-regulation (4), in the proviso, for the figure and word "30 days", the following words shall be substituted, namely: - "thirty days from the date of closure of all proceedings related to the process under the Code before the Adjudicating Authority, the Appellate Authority, the High Court, or the Supreme Court, as the case may be" RAVI MITAL, Chairperson [ADVT.-III/4/Exty./937/2024-25] Note: The Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 were published vide Notification No. IBBI/2017-18/GN/REG/21 dated 06th December, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 461 dated 07th December, 2017 and were last amended by the IBBI (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022 published vide Notification No. IBBI/2022-23/GN/REG086, dated the 14th June 2022 in the Gazette of India, Extraordinary, Part III, Section 4, No. 304 on 14th June 2022. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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