Eligibility and recognition procedures tightened for insolvency professionals, with clarified experience, net worth and application timelines. Amendments revise eligibility by restructuring professional-experience criteria and allowing aggregation of professional and managerial experience; omit regulation 9; amend Regulation 12 to substitute 'equity shares', define net worth for companies and partnerships, allow transitional compliance, and require Board acknowledgement within seven days while empowering the Board to seek documents, inspect or require personal appearances; Regulation 13 clarifies timelines for granting or rejecting recognition and prescribes issuance of the certificate in Form D; First Schedule limits concurrent resolution professional assignments and caps assignments involving very large admitted claims.