IBBI notifies norms to handle complaints of service providers

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.