IBBI clarifies with respect to the "Temporary Surrender of Professional Membership"

In view of the provisions relating to 'temporary surrender of professional membership' contained in clause 26 of the Schedule to the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, have been substituted vide Notification No. IBBI/2019-20/GN/REG043, dated 23rd July 2019 (w.e.f. 23-07-2019) and pursuant to the introduction of a provision of ‘Authorisation for Assignment’, it is clarified that the process of ‘Temporary Surrender of Professional Membership,’ ceases to exist with the issuance of above-mentioned notification.

This clarification is issued in exercise of the powers conferred under clauses (aa), (g) and (p) of sub-section (1) and sub-section (2) of section 196 of the Insolvency and Bankruptcy Code, 2016. View Clarification