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Which year's regulation has been amended by Insolvency and Bankruptcy Board of India?

A.
Insolvency and Bankruptcy Board of India Regulations, 1937
B.
Insolvency and Bankruptcy Board of India Regulations, 2017
C.
Insolvency and Bankruptcy Board of India Regulations, 2019
D.
Insolvency and Bankruptcy Board of India Regulations, 1964

Solution:

The correct answer is Insolvency and Bankruptcy Board of India Regulations, 2017. The Insolvency and Bankruptcy Board of India has amended the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 and the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017. The Amendment Regulations are effective from 14th June 2022. Additional Information?It was established on 1 October 2016 and given statutory powers through the Insolvency and Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016. It attempts to simplify the process of insolvency and bankruptcy proceedings. It handles the cases using two tribunals like NCLT (National company law tribunal) and Debt recovery tribunal. Dr. Navrang Saini, Dr. Ms. Mukulita Vijayawargiya and Sh. Sudhaker Shukla are currently the Whole Time Members of IBBI.

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