Section 26 in Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016
26. [ Surrender of Authorisation for Assignment. [Substituted by Notification F. No. IBBI/2019-20/GN/REG043, dated 23.7.2019 (w.e.f. 21.11.2016).] - (1) A professional member shall make an application to surrender his authorisation for assignment to the Agency at least thirty days before he -
(a)becomes a person resident outside India;(b)takes up an employment; or(c)starts any business, except as specifically permitted under the Code of Conduct, and upon acceptance of such surrender, the same shall be intimated to the Board by the Agency within one working day of acceptance of surrender.(2)No application for surrender of authorisation for assignments shall be accepted by the Agency, if -(a)the authorisation for assignment has been suspended;(b)an assignment is continuing; or(c)name of the professional member is included in any panel prepared by the Board for undertaking assignment.]
