Temporary surrender of professional membership: IPAs should generally refuse surrender when IPs have active insolvency or empanelled regulatory roles. The circular directs that IPAs should not ordinarily accept temporary surrender where an IP has pending assignments under the Code, represents creditor classes, or is empanelled for roles such as IRP, Liquidator or SEBI Administrator. It requires IPAs to verify declarations on absence of assignments and disciplinary proceedings, residency, employment status, Code of Conduct compliance, fee payment and cooperation obligations. Six standard forms (Form A-F) are prescribed for application, IPA acceptance and intimation to the Board, and for revival and reinstatement upon verified eligibility.
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.
Temporary surrender of professional membership: IPAs should generally refuse surrender when IPs have active insolvency or empanelled regulatory roles.
The circular directs that IPAs should not ordinarily accept temporary surrender where an IP has pending assignments under the Code, represents creditor classes, or is empanelled for roles such as IRP, Liquidator or SEBI Administrator. It requires IPAs to verify declarations on absence of assignments and disciplinary proceedings, residency, employment status, Code of Conduct compliance, fee payment and cooperation obligations. Six standard forms (Form A-F) are prescribed for application, IPA acceptance and intimation to the Board, and for revival and reinstatement upon verified eligibility.
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