Regulation 1 Short title, commencement and application.
(1) These regulations may be called the Insolvency and Bankruptcy Board of India (Grievance and
Complaint Handling Procedure) Regulations, 2017.
(2) These regulations shall come into force on the date of their publication in the Official Gazette.
(3) These regulations shall apply to grievances and complaints against service providers.
VL Note : –
(1) Unless the context otherwise requires-
(a) “aggrieved” means a stakeholder who has filed a grievance with the Board on failing to get his grievance redressed from the concerned service provider;
(b) “associated person” means a proprietor, partner, director, officer, or an employee of a service provider, a professional or a valuer engaged by a service provider or any other person acting for or on behalf of a service provider;
(c) “Board” means the Insolvency and Bankruptcy Board of India established under sub-section (1) of section 188 of the Code;
(d) “Code” means the Insolvency and Bankruptcy Code, 2016 (31 of 2016);
(e) “complaint” means a written expression by a stakeholder alleging contravention of any provision of the Code or rules, regulations, or guidelines made thereunder or circulars or directions issued by the Board by a service provider or any of its associated persons and
includes a complaint-cum-grievance;
(f) “complaint-cum-grievance” means a complaint and grievance in the same matter.
(g) “complainant” means a stakeholder who has filed a complaint or a complaint-cum-grievance with the Board;
(h) “grievance” means a written expression by a stakeholder of his suffering on account of conduct of a service provider or its associated persons;
(i) “service provider” means an insolvency professional agency, an insolvency professional, an insolvency professional entity or an information utility;
(j) “stakeholder” means a debtor, a creditor, a claimant, a service provider, a resolution applicant and any other person having an interest in the insolvency, liquidation, voluntary liquidation, or bankruptcy transaction under the Code.
(2) The words and expressions used and not defined in these regulations, but defined in the Code, shall have the same meaning as assigned to them in the Code.
VL Note : –