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of <h1>Regulation 12: Criteria for Recognizing Insolvency Professional Entities Outlined, Including Net Worth and Ownership Requirements</h1> Regulation 12 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, outlines the criteria for recognizing insolvency professional entities. Entities eligible for recognition include companies, registered partnership firms, or limited liability partnerships with a net worth of at least one crore rupees. These entities must primarily aim to support or engage in insolvency professional activities. A majority of equity shares, voting rights, capital contributions, partners, and directors must be held by insolvency professionals. Additionally, no partner or director should be associated with another insolvency professional entity. Applications must be submitted with a fee, and the Board will review and may request further information.
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