India's Insolvency Board Updates Fees for Professionals; New Reporting Forms Introduced, Effective October 1, 2022.

The Insolvency and Bankruptcy Board of India issued the Third Amendment to the Insolvency Professionals Regulations, 2016, effective from October 1, 2022. Key changes include increasing the fee for insolvency professionals to twenty thousand rupees for individuals and two lakh rupees for entities, payable every five years. Additionally, the fee percentage for professional services has been increased to one percent. New forms, EA and G, have been introduced for submitting quarterly and annual statements of fees and services rendered by insolvency professionals. These amendments aim to streamline the financial and reporting obligations of insolvency professionals and entities.