In exercise of the powers conferred by sections 196, 207 and 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India (IBBI) makes the regulations further to amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 and notified it and published in the Gazette of India, Extraordinary, Part III, Section 4, New Delhi, Tuesday, 27 April 2021.