Eligibility for registration.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....anies Act, 2013, and - (a) its sole object is to carry on the functions of an insolvency professional agency under the Code; (b) it has bye-laws and governance structure in accordance with the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016; (c) it has a minimum net worth of ten crore rupees; (d) it has....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....aracter, (ii) absence of conviction and restraint orders, (iii) competence including financial solvency and net worth. (2) No person shall at any time, directly or indirectly, either individually or together with persons acting in concert, acquire or hold more than five per cent. of the paid-up equity share capital in an insolvency professional agency: Provided that- (i) a stock exc....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... it was read as "Eligibility for registration. 3. No person shall be eligible to be registered as an insolvency professional agency unless it is a company registered under section 8 of the Companies Act, 2013, and - (a) its sole object is to carry on the functions of an insolvency professional agency under the Code; (b) it has bye-laws and governance structure in accordance with the In....