Section 205: Insolvency Professional Agencies To Make Bye Laws | The Insolvency and Bankruptcy Code, 2016.

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Explanation using Example

Imagine a situation where an Insolvency Professional Agency (IPA), which is an organization registered with the Insolvency and Bankruptcy Board of India (IBBI), decides to update its operational guidelines. Before doing so, it must ensure that these guidelines, or bye-laws, align with the model bye-laws provided by the IBBI as per the Insolvency and Bankruptcy Code (IBC), 2016. For instance, if the IPA wants to introduce a new code of conduct for its members, it must first seek approval from the IBBI and confirm that these changes are in accordance with the model bye-laws and the IBC. This helps maintain uniformity and standardization across all IPAs in India.