Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2023 - IBBI/2023-24/GN/REG104 - Insolvency and Bankruptcy
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Registration and Surrender of insolvency professional certificates refined, shifting verification to agencies and tightening processing timelines. Amendments streamline registration by requiring pre-registration education completion within twelve months of fee payment, shifting initial verification to insolvency professional agencies which must forward applications to the Board within thirty days, shortening specified Board processing timelines, prescribing registration fees, substituting unified Forms A and AA for three-part applicant-agency submissions, and establishing surrender, cancellation and special procedures including deemed cancellation on demise or winding up and obligations on legal heirs or assignees to deliver records.
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Registration and Surrender of insolvency professional certificates refined, shifting verification to agencies and tightening processing timelines.
Amendments streamline registration by requiring pre-registration education completion within twelve months of fee payment, shifting initial verification to insolvency professional agencies which must forward applications to the Board within thirty days, shortening specified Board processing timelines, prescribing registration fees, substituting unified Forms A and AA for three-part applicant-agency submissions, and establishing surrender, cancellation and special procedures including deemed cancellation on demise or winding up and obligations on legal heirs or assignees to deliver records.
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