In-principle approval for insolvency professional agencies allows limited-duration conditional approval and fee-exempt registration application upon board satisfaction. An applicant to establish an insolvency professional agency may seek in-principle approval by satisfying prescribed conditions and paying a non-refundable application fee; the Board may grant approval after such inspection or inquiry if it finds the applicant a fit and proper person and that the proposed or existing company can meet registration requirements under Regulation 5(1). The approval is time-limited and may carry conditions, and during its validity the identified company may apply for registration under Regulation 4(1) without paying the registration application fee.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
In-principle approval for insolvency professional agencies allows limited-duration conditional approval and fee-exempt registration application upon board satisfaction.
An applicant to establish an insolvency professional agency may seek in-principle approval by satisfying prescribed conditions and paying a non-refundable application fee; the Board may grant approval after such inspection or inquiry if it finds the applicant a fit and proper person and that the proposed or existing company can meet registration requirements under Regulation 5(1). The approval is time-limited and may carry conditions, and during its validity the identified company may apply for registration under Regulation 4(1) without paying the registration application fee.
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