New Delhi,  December 10, 2017

The Insolvency and Bankruptcy Board of India (IBBI) on Sunday notified regulations for handling complaints and grievances filed against service providers.

"The regulations enable a stakeholder, namely, debtor, creditor, claimant, service provider, resolution applicant or any other person having an interest in an insolvency resolution, liquidation, voluntary liquidation or bankruptcy transaction under the Insolvency and Bankruptcy Code, 2016, to file a grievance or a complaint against a service provider," the Finance Ministry said in a statement.

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, it said.

Filing a grievance

A stakeholder may file a grievance that shall state the details of the conduct of the service provider that has caused the suffering to the aggrieved; details of suffering, whether pecuniary or otherwise, the aggrieved has undergone; how the conduct of the service provider has caused the suffering of the aggrieved; details of his efforts to get the grievance redressed from the service provider; and how the grievance may be redressed.

The complaint can be filed with a fee of Rs 2,500. If the complaint is not frivolous or malicious, the fee will be refunded.

[The Deccan Herald]