Complaint handling regulations are implemented by IBBI

The complaint handling regulations have been implemented by Insolvency and Bankruptcy Board of India (IBBI). In the procedure, the complaint filing fee will be refunded to the stakeholder in case the complaint is found to be not “frivolous or malicious”.

This will be applicable to all stakeholders, including creditors, debtors and service providers.

A stakeholder can file a complaint with details of suffering, whether monetary 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 in the specified form along with a fee of Rs 2,500. If the complaint is not frivolous or malicious, the fee will be refunded.

In case the IBBI finds that there is a prima facie case of violation of the matter, then inspection or investigation could be ordered or a show cause notice could be issued.

Source: Times of India

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