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of <h1>Insolvency Professional Entities: Recognition Process, 60-Day Decision Timeline, and Compliance Obligations under Regulation 13.</h1> Regulation 13 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 outlines the process for recognizing insolvency professional entities. The Board may grant recognition within 60 days if the applicant meets eligibility criteria, or communicate reasons for potential denial, allowing 15 days for response. The Board must decide within 30 days of receiving the applicant's explanation. Recognized entities must inform the Board of changes in directors or partners within 30 days, pay an annual fee based on turnover, submit a compliance certificate annually, and are liable for the actions of their partners or directors.
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