Grievance Handling Framework Notified by IBBI

The Insolvency and Bankruptcy Board of India (IBBI) has notified the regulations for grievance handling procedure under the Insolvency and Bankruptcy Code.

The Regulations provide for an objective and transparent procedure for disposal of grievances and complaints by the IBBI, that does not spare a mischievous service provider but does not harass an innocent service provider, a Ministry of Corporate Affairs statement said.

The Regulations enable a Stakeholder including debtor, creditor, claimant, service provider to file a grievance or a complaint against a Service provider.

A Stakeholder may file a complaint in the Specified Form along with a fee of two thousand and five hundred rupees.

A complaint needs to state the details of the alleged contravention of any provision of the Code, or guidelines made thereunder IBBI, the statement said adding that if the complaint is not frivolous or malicious, the fee will be refunded.