The Insolvency and Bankruptcy Board of India on 14th June 2022, has published the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022. The mechanism of complaint/ grievance redressal and subsequent enforcement action has been amended to have expeditious redressal and also to avoid placing undue burden on the service providers.
To curtail such delays and to ensure expeditious and result oriented enforcement mechanism, the Amendment Regulations provides for following:
- Revisions in various timelines related to enforcement process provided in the (Grievance and Complaint Handling Procedure) Regulations, 2017 and (Inspection and Investigation) Regulations, 2017 for addressing the issue of delay in present mechanism.
- Effective participation of IPAs in regulating the IPs through examination of grievances received against IPs.
- Intimation to Committee of Creditor (CoC)/ Adjudicating Authority (AA) about the outcome of Disciplinary Committee (DC) order.
Further, the grievance or complaint shall be filed with the Board on its dedicated portal www.ibbi.gov.in.
