The Insolvency and Bankruptcy Board of India amends the Engagement of Research Associates and Consultants Regulations with effect from the 01st day of June 2022.
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 1st June 2022
Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) (Amendment) Regulations, 2022
No. IBBI/2022-23/GN/REG083.- In exercise of the powers conferred by section 240 read with section 194 of the Insolvency and Bankruptcy Code, 2016 (No. 31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) Regulations, 2017, namely:-
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) (Amendment) Regulations, 2022.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants)
Regulations, 2017, (hereinafter referred to as “the principal regulations‟) in regulation 5, after sub-regulation (3), the following proviso shall be inserted, namely:-
“Provided that the Chairperson may amend the consolidated remuneration given in Schedule II for reasons to be recorded in writing.”
3. In the principal regulations, in regulation 8, for sub-regulation (1), the following sub-regulation shall be substituted, namely:-
“(1) A selected candidate shall ordinarily be engaged as a Research Associate or Consultant, as the case may be, on contractual basis for a period not less than one year and up to three years:
Provided that the Chairperson may extend the term of such engagement, one year at a time, up to a maximum of total five years.”
4. In the principal regulations, for Schedule II, the following Schedule shall be substituted, namely:-
“SCHEDULE II
(See regulation 5)
| Level | Experience (Employment/ Practice/Research) in the relevant discipline (Years) |
Consolidated Monthly Remuneration + 10 percent annual increase |
| Level I (Research Associate) | Up to three years | Rs. 60,000 |
| Level II (Research Associate) | Minimum three years | Rs. 80,000 |
| Level III (Research Associate) | Minimum five years | Rs. 1,05,000 |
| Level IV (Consultant) | Minimum ten years | Rs. 1,30,000 |
| Level V (Consultant) | Minimum fifteen years | Rs. 1,55,000 |
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./101/2022-23]
Note: The Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) Regulations, 2017 were published vide notification No. IBBI/2016-17/GN/REG006 dated 30th January 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 34 on 31st January 2017 and were last amended by the Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) (Amendment) Regulations, 2019 published vide notification No. IBBI/2019-20/GN/REG041, dated the 23rd July 2019 in the Gazette of India, Extraordinary, Part III, Section 4, No. 260 on 23rd July 2019.
