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of <h1>Insolvency Professional Agencies Must Be Section 8 Companies with Specific Ownership and Capital Requirements Under 2016 Regulations.</h1> Eligibility for registration as an insolvency professional agency under the Insolvency and Bankruptcy Board of India Regulations, 2016, requires the entity to be a company registered under section 8 of the Companies Act, 2013. Its sole purpose must be to function as an insolvency professional agency. It must have a minimum net worth of ten crore rupees and a paid-up share capital of five crore rupees. The company must not be controlled by foreign residents, and foreign ownership should not exceed 49%. It cannot be a subsidiary through more than one layer, and all associated individuals must be deemed fit and proper. Certain financial institutions may hold up to 15% of its equity, while government entities can hold up to 100%.
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