The Insolvency and Bankruptcy Board of India (IBBI) notified the regulations to deal with complaints and grievances filed against service providers including insolvency professionals, agencies and information utilities. Stakeholders who can file a complaint include debtors, creditors, claimants, service providers, resolution applicants or any other person having an interest in an insolvency resolution, liquidation, voluntary liquidation or bankruptcy transaction under the Insolvency and Bankruptcy Code (IBC), 2016.On the other hand, a service provider, against whom a complaint can be filed by a stakeholder under the Regulations, includes insolvency professional agency, insolvency professional, insolvency professional entity or information utility. Stakeholders will need to pay a fee of Rs.2,500 along with the complaint. If the complaint is not frivolous or malicious, the fee will be refunded. The government also announced last month that insolvent corporates seeking a resolution plan under the new law will now be subject to more stringent tests regarding creditworthiness and credibility by the IBBI.

(Business Standard)