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This notification has come into effect 14.07.2021. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter referred to as „the principal regulations‟), in regulation 3,- in sub-regulation (1), for the words “a resolution professional”, the words “an interim resolution professional or a resolution professional, as the case may be,” shall be substituted; in sub-regulation (2), for the words “a resolution professional”, the words “an interim resolution professional or a resolution professional, as the case may be,” shall be substituted; for sub-regulation (3), the following sub-regulation shall be substituted, namely:- “(3) An interim resolution professional or a resolution professional, who is a director or a partner of an insolvency professional entity, shall not continue as the interim resolution professional or resolution professional, as the case may be, in a corporate insolvency resolution process, if the insolvency professional entity or any other partner or director of such insolvency professional entity represents any other stakeholder in that corporate insolvency resolution process.”. Various insertions and substitutions made.