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Insolvency and Bankruptcy Board of India (Engagement of Research
Associates and Consultants) Regulations, 20171
[AMENDED UPTO 01-06-2022]
In exercise of the powers conferred by section 240 read with section 194 of the Insolvency
and Bankruptcy Code, 2016 (31of 2016), the Insolvency and Bankruptcy Board of India
hereby makes the following regulations, namely: –
1.
Short title and commencement.
(1) These regulations may be called the Insolvency and Bankruptcy Board of India
(Engagement of Research Associates and Consultants) Regulations, 2017.
(2) They shall come into force on the date of their publication in the Official Gazette.
2.
Definitions.
(1) In these regulations, unless the context otherwise requires, –
(a) “Code” means the Insolvency and Bankruptcy Code, 2016 (31 of 2016);
(b) “Chairperson” means the Chairperson of the Board;
(c) “Board” means the Insolvency and Bankruptcy Board of India established
under section 188(1) of the Code;
(d) “Executive Director” means an officer of the Board appointed as such and
having the responsibility to manage human resources of the Board and
includes an officer of the Board authorized by the Chairperson to function as
Executive Director (Human Resources);
(2) Words and expressions used but not defined in these regulations shall have the
same meanings respectively assigned to them in the Code.
3.
Research Associates and Consultants.
(1) The Board may decide, from time to time, the number of the Research Associates and
Consultants to be engaged.
(2) The Board may engage such number of Research Associates and Consultants, as it
may deem fit.
4.
Functions of Research Associates and Consultants.
The Research Associates and Consultants engaged by the Board shall discharge such
functions, as may be assigned to them by the Board.
1 Vide Notification No. IBBI/2016-17/GN/REG006 dated 30th January, 2017 published in the Gazette of India Extraordinary, Part III,
Sec. 4, vide no. 424, dated 31st January, 2017 (w.e.f. 31.01.2017).
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5.
Qualifications, experience and remuneration.
(1) The eligibility for Research Associates and Consultants for different disciplines shall
be as given in Schedule I:
Provided that the Board may also engage Research Associates and Consultants from
any other discipline as deemed necessary to assist the Board in the discharge of its
functions under the Code.
(2) Depending upon the experience in respective discipline, a person shall be engaged as
Research Associate or Consultant in one of five levels given in Schedule II.
(3) The Research Associates and Consultants of different levels shall be paid a
consolidated remuneration in accordance with Schedule II.
2[Provided that the Chairperson may amend the consolidated remuneration given in
Schedule II for reasons to be recorded in writing.]
(4) A Research Associate or Consultant shall not be entitled to any other compensation or
facility in any form except an annual leave of 12 days.
6.
Evaluation of performance.
(1) The performance of each Research Associate and Consultant shall be reviewed every
six months with reference to tasks assigned and output delivered.
(2) If performance is unsatisfactory, the engagement of the Research Associate or
Consultant, as the case may be, shall be discontinued forthwith.
7.
Selection of Research Associates and Consultants.
(1) The Executive Director shall publish discipline-wise and level-wise number of the
Research Associates and Consultants to be engaged with details of qualifications and
experience required and the remuneration payable on the website of the Board and
invite applications for each discipline and level by a stipulated date:
Provided that the Executive Director may also invite the applications by suitable
public notice, for each discipline and level of Research Associates and Consultants.
(2) On expiry of the last date for receipt of applications under sub-regulation (1), the
Executive Director shall scrutinise the applications in accordance with these
regulations and prepare lists of eligible candidates for each discipline and level to be
called for interview.
(3) In case the number of candidates in a list of eligible candidates prepared under sub-
regulation (2) is more than four times the number of Research Associates or
Consultants to be engaged in that discipline and or level, a committee of officers will
prepare a short list of candidates based on higher standards of eligibility, as may be
approved by the Board, for interview.
2 Ins. by Notification No. IBBI/2022-23/GN/REG083, dated 1st June., 2022 (w.e.f. 01.06.2022).
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(4) For selecting Research Associates and Consultants for each discipline and level, the
Board shall constitute a selection committee comprising:
a) Chairperson or Whole Time Member,
b) Executive Director or a Senior Officer of the Board, if the position of Executive
Director is vacant, and
c) An External expert.
(5) The selection committee mentioned in sub-regulation (4) shall interview the
candidates in the list of eligible candidates prepared under sub-regulation (2) or in the
short list of candidates prepared under sub-regulation (3), as the case may be, and
based on the interview, submit to the Board a panel of candidates for engagement as
Research Associates and Consultants.
(6) On approval of the panel of candidates by the Board, the Executive Director shall
inform each candidate in writing by an offer letter of engagement giving not less than
ten days’ time to accept the offer of engagement.
(7) After receipt of acceptance from the selected candidates as per sub-regulation (7), the
Executive Director shall issue a letter of engagement to each candidate giving not less
than thirty days’ time to join:
Provided that the joining time may be extended by the Executive Director on being
satisfied that extension is sought on circumstances beyond the control of the
candidate.
8.
Terms and condition of engagement.
(1) 3[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.]
(2) The engagement of a Research Associate or a Consultant may be discontinued by
giving one months’ notice or one month’s salary in lieu of the notice, to the other
party.
(3) A selected candidate at the time of joining the Board shall enter into a contract which
details the terms and conditions of engagement, including the confidentiality, with the
Executive Director acting on behalf of the Board.
(4) The terms and conditions of engagement may be modified, in a specific case, where
the Board deems it necessary.
(5) Without prejudice and in addition to the legal remedies available to the Board, the
breach of agreement executed under sub-regulation (2) by or on behalf of any
3 Substituted by Notification No. IBBI/2022-23/GN/REG083., dated 1st June, 2022 (w.e.f. 01-06-2022). Before
substitution, it stood as: “(1) A selected candidate shall be engaged as Research Associates or Consultants on contractual
basis for not less than six months and not more two years.”
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Research Associate or Consultant shall be considered a sufficient ground for
termination of the engagement made under the contract and may further debar such
person from future engagement by the Board.
9.
Power to relax.
The Board may relax any of these regulations as may be deemed necessary, after
recording the reasons for the same, in the discharge of its functions under the Code.
4[Schedule I
(See regulation 5)
Discipline of
Research
Associate /
Consultant
Qualifications
Essential
Desirable
(1)
(2)
(3)
a. Economics /
Public Policy
Post Graduate degree in Economics or
Public
Policy
from
a
recognised
University or Institution.
(a) Consistent high academic performance;
(b) Doctoral degree from a reputed
University or Institution in Economics or a
closely related area;
(c) Degree / Diploma / Certification in
Regulatory / Business Law / Economics.
b. Law
(i) LL. B or equivalent from a
recognised University or Institution, and
(ii) Qualified to be enrolled as an
Advocate in a Bar Council constituted
under the Advocate’s Act, 1961 (25 of
1961).
(a) Consistent high academic performance;
(b) LL. M. / Doctoral degree from a
reputed University or Institution in Law or
a closely related area;
(c) Degree / Diploma / Certification in
Regulatory / Business Law / Economics.
c.
Business
Management
Post graduate degree / Post graduate
diploma / Master of Business
Management from a recognised
University or Institute / A Member of the
Institute of Chartered Accountants of
India / A Member of Institute of Cost
Accountants of India / A Member of
Institute of Company Secretaries ofIndia.
(a) More than one of the qualifications
mentioned in the essential column;
(b) Consistent high academic performance;
(c) Doctoral degree from a reputed
University
/
Institution
in
law
/
management / accounts/ finance / a closely
related area;
(d) Degree / Diploma / Certification in
Regulatory / Business Law / Economics.
d. Insolvency
(i) Qualifications and experience as
required under regulation 5(c) of the
Insolvency and Bankruptcy Board of
India (Insolvency Professionals)
Regulations, 2016; and
(ii) Pass in the Limited Insolvency
Examination.
(a) Consistent high academic performance;
(b) Degree / Diploma / Certification in
Regulatory / Business Law / Economics;
(c)
Experience
as
an
insolvency
professional.
4 Substituted by Notification No. IBBI/2019-20/GN/REG041 dated 23rd July, 2019 (w.e.f. 23.07.2019) .
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e. Valuation
(i)
Qualification and experience as
required under rule 4 of the Companies
(Registered Valuers and Valuation)
Rules, 2017; and
(ii) Pass in the Valuation Examination of
the relevant asset class (Land and
Building / Plant and Machinery /
Securities or Financial Assets)
(a) Consistent high academic performance;
(b) Degree / Diploma / Certification in
Regulatory / Business Law / Economics;
(c) Experience as a registered valuer of the
relevant asset class.
5[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]
5 Substituted by Notification No. IBBI/2022-23/GN/REG083., dated 1st June, 2022 (w.e.f. 01-06-2022).
