Recognition of Insolvency Professional Entities.

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.... or a limited liability partnership may be recognised as an insolvency professional entity, if - ^8[(a) its objective is to provide support services to insolvency professionals or to carry on the activities of an insolvency professional or both.] (b) it has a net worth of not less than one crore rupees; ^9[(c) majority of its equity shares and voting rights are held by i....

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....ons, 2021 shall comply with the provisions of clauses (b) and (c) on or before 31st December 2021. Explanation.- For the purposes of clause (b) of this sub-regulation, 'net worth' means- (i) the net worth as defined under section 2(57) of the Companies Act, 2013 in case of a company; (ii) sum of partners' contribution in the capital account and their undistributed profit....

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....before it in person for any clarifications, as may be necessary for the purpose of considering the application.]         ******************** Notes:- 1. Substituted vide Notification IBBI/2017-18/GN/REG027 - Dated 27-03-2018, before it was read as, "(1) A limited liability partnership, a registered partnership firm or a company may be recognised as an in....

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....ionals, who are its partners or directors, as the case may be;" 4. Substituted vide Notification No. IBBI/2021-22/GN/REG077 dated 22-07-2021 before it was read as "its shares" 5. Substituted vide Notification No. IBBI/2021-22/GN/REG077 dated 22-07-2021 before it was read as "Provided that the insolvency professional entities recognised as on the date of commencement of the Insolvency and ....