TaxTMI 
TaxTMI 
MODEL BYE-LAWS OF AN INSOLVENCY PROFESSIONAL AGENCY
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....ssignment" means an authorisation to undertake an assignment, issued by an insolvency professional agency to an insolvency professional, who is its professional member, in accordance with its bye-laws; (ab) "certificate of membership" means the certificate of membership of the Agency granted under bye-law 10;] (b) "Code" means the Insolvency and Bankruptcy Code, 2016 (31 of 2016); (c) "Governing Board" means the Board of Directors of the Agency as defined under section 2(10) of Companies Act, 2013 (18 of 2013); (d) "professional member" means an insolvency professional who has been enrolled as such, in accordance with Part VI of these bye-laws; (e) "relative" shall have the same meaning as assigned to it in section 2(77) of the Companies Act, 2013. (2) Unless the context otherwise requires, words and expressions used and not defined in these bye-laws shall have the meanings assigned to them in the Code. III. OBJECTIVES 5. (1) The Agency shall carry on the functions of the insolvency professional agency under the Code, and functions incidental thereto. (2) The Agency shall not carry on any function other than those specified in sub-clause (1), or whi....
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....lution appli- cant(s) Interim resolution professional / resolution professional NA Registered valuer NA Accountant NA A Advocate NA Any other professional (write kind of profession) NA Notes: (i) NA: Not Applicable. (ii) Additional rows and columns to be inserted, as required, where there are more than one professional, financial creditor, interim finance provider or prospective resolution applicant. (iii) Where an accountant has relationship of kind A with a financial creditor, relevant cell will display 'A', as indicated in ....
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....Form AA, respectively, of the Second Schedule to Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, in such manner and with such fees as may be specified by the Agency.] (2) The Agency shall examine the application in accordance with the applicable provisions of the Code, and rules, regulations and guidelines thereunder. (3) On examination of the application, the Agency shall give an opportunity to the applicant to remove the deficiencies, if any, in the application. (4) The Agency may require an applicant to submit additional documents, information or clarification that it deems fit, within reasonable time. (5) The Agency may reject an application if the applicant does not satisfy the criteria for enrolment or does not remove the deficiencies or submit additional documents or information to its satisfaction, for reasons recorded in writing. (6) The rejection of the application shall be communicated to the applicant stating the reasons for such rejection, within thirty days of the receipt of the application, excluding the time given for removing the deficiencies or presenting additional documents or clarification by the Agency, as ....
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....is registered with the Board as an insolvency professional; (b) is a fit and proper person in terms of the Explanation to clause (g) of regulation 4 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016; (c) is not in employment; (d) is not debarred by any direction or order of the Agency or the Board; (e) has not attained the age of seventy years; (f) has no disciplinary proceeding pending against ^20C[it] before the Agency or the Board; (g) complies with requirements, as on the date of application, with respect to- (i) payment of fee to the Agency and the Board; (ii) filings and disclosures to the Agency and the Board; (iii) continuous professional education; and (iv) other requirements, as stipulated under the Code, regulations, circulars, directions or guidelines issued by the Agency and the Board, from time to time. ^18[Provided that the item (c), item (e) and item (g)(iii) shall not be applicable for a professional member, which is an insolvency professional entity registered as an insolvency professional.] (3) An application for issue or rene....
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....om 1st of July to 31st of December: Provided further that if the professional member attains the age of seventy years during this period, the authorisation for assignment shall be valid till such date.] (7) An applicant aggrieved of an order of rejection of ^19A[its] application] by the Agency may appeal to the Membership Committee within ^10[fifteen days] from the date of receipt of the order. ^8[Provided that, where an application for issue of authorisation for assignment has been rejected by an insolvency professional agency, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Model Bye- Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020 and ending on the 30th September, 2020, the applicant aggrieved of an order of rejection may appeal to the Membership Committee within thirty days from the date of receipt of order.] ^11[Provided further that, where an application for issue of authorisation for assignment has been rejected by an insolvency professional agency, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency ....
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.... the professional members, including by way of inspection; (c) the obligations of professional members to comply with the Monitoring Policy; (d) the use, analysis and storage of information and records; (e) evaluation of performance of members; and (f) any other matters that may be specified by the Governing Board. 19. The Monitoring Policy shall - (a) have due regard for the privacy of members, (b) provide for confidentiality of information received, except when disclosure of information is required by the Board or by law, and (c) be non-discriminatory. 20. The Agency shall submit a report to the Board in the manner specified by the Board with information collected during monitoring, including information pertaining to - (a) the details of the appointments made under the Code, (b) the transactions conducted with stakeholders during the period of ^19C[its] appointment; (c) the transactions conducted with third parties during the period of his appointment; and (d) the outcome of each appointment. IX. GRIEVANCE REDRESSAL MECHANISM 21. (1) The Agency shall have a Grievance Redressal Policy providing the procedure for receiving, processing, ....
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....a) the manner in which the Disciplinary Committee may ascertain facts; (b) the issue of show-cause notice based on the facts; ^5[(ba) cancellation of authorisation for assignment;] (c) disposal of show-cause notice by a reasoned order, following principles of natural justice; (d) timelines for different stages of disposal of show cause notice; and (e) rights and obligations of the parties to the proceedings. (2) The orders that may be passed by the Disciplinary Committee shall include- (a) expulsion of the professional member; (b) suspension of the professional member for a certain period of time; (c) admonishment of the professional member; ^23[(d) imposition of monetary penalty as per Table below: Sl. No. Contravention Monetary Penalty 1. Fails to submit disclosures, returns, etc. to Agency or submits inadequate or incorrect disclosures, returns, etc., relating to any assignment, as required under the Code and Regulations made thereunder or bye-laws of the Agency or called upon by the Board or the Agency. Up to Rs. 1,00,000 or 25% of fee, whichever is higher, subject to a minimum Rs. 50,000. 2. Accepts....
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....r. Up to Rs. 1,00,000 or 25% of fee, whichever is higher, subject to a minimum Rs. 50,000. 14. Contravenes any provision of the bye-laws, or regulations for which no specific penalty has been provided. Up to Rs. 1,00,000 or 25% of fee, whichever is higher, subject to a minimum Rs. 50,000.] (e) reference of the matter to the Board, which may include, in appropriate cases, recommendation of the amount of restitution or compensation that may be enforced by the Board; and (f) directions relating to costs. (3) The Disciplinary Committee may pass an order for expulsion of a professional member if it has found that the professional member has committed- (a) an offence under any law for the time being in force, punishable with imprisonment for a term exceeding six months, or an offence involving moral turpitude; (b) a gross violation of the Code, rules, regulations and guidelines issued thereunder, bye-laws or directions given by the Governing Board which renders him not a fit and proper person to continue acting as an insolvency professional. Explanation: The violations referred to in sub-clause (b) include- (i) making a false representation or i....
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....shall be intimated to the Board by the Agency within one working day of acceptance of surrender. (2) No application for surrender of authorisation for assignments shall be accepted by the Agency, if - (a) the authorisation for assignment has been suspended; (b) an assignment is continuing; or (c) name of the professional member is included in any panel prepared by the Board for undertaking assignment.] Surrender of Professional Membership 27. (1) A professional member who wishes to surrender ^19E[its] membership of the Agency may do so by submitting an application for surrender of ^19F[its] membership. (2) Upon acceptance of such surrender of ^19G[its] membership, and completion of thirty days from the date of such acceptance, the name of the professional member shall be struck from the registers of the Agency, and the same shall be intimated to the Board. 28. Any fee that is due to the Agency from a professional member surrendering ^19H[its] membership shall be cleared prior to ^19I[its] name being struck from the registers of the Agency. ^26[29. The Agency may refuse to accept the surrender of membership by any professional member if-(....
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....ATION No. IBBI/2019-20/GN/REG043 dated 23-07-2019 before it was read as "Temporary Surrender of Professional Membership. 26. (1) A professional member shall make an application for temporary surrender of his membership of the Agency at least thirty days before he- (a) becomes a person not resident in India; (b) takes up employment; or (c) starts any business, except as specifically permitted under the Code of Conduct; and upon acceptance of such temporary surrender and on completion of thirty days from the date of application for temporary surrender, the name of the professional member shall be temporarily struck from the registers of the Agency, and the same shall be intimated to the Board. (2) No application for temporary surrender of professional membership of the Agency shall be accepted if- (a) there is a grievance or disciplinary proceeding pending against the professional member before the Agency or the Board, and he has not given an undertaking to cooperate in such proceeding; or (b) the professional member has been appointed as a resolution professional, liquidator or bankruptcy trustee for a process under the Code, ....
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....on No. IBBI/2022-23/GN/REG100 dated 03-10-2022 before it was read as, "his" 19D. Substituted vide Notification No. IBBI/2022-23/GN/REG100 dated 03-10-2022 before it was read as, "his" 19E. Substituted vide Notification No. IBBI/2022-23/GN/REG100 dated 03-10-2022 before it was read as, "his" 19F. Substituted vide Notification No. IBBI/2022-23/GN/REG100 dated 03-10-2022 before it was read as, "his" 19G. Substituted vide Notification No. IBBI/2022-23/GN/REG100 dated 03-10-2022 before it was read as, "his" 19H. Substituted vide Notification No. IBBI/2022-23/GN/REG100 dated 03-10-2022 before it was read as, "his" 19I. Substituted vide Notification No. IBBI/2022-23/GN/REG100 dated 03-10-2022 before it was read as, "his" 19J. Substituted vide Notification No. IBBI/2022-23/GN/REG100 dated 03-10-2022 before it was read as, "his" 20. Substituted vide Notification No. IBBI/2022-23/GN/REG100 dated 03-10-2022 before it was read as, "him" 20A. Substituted vide Notification No. IBBI/2022-23/GN/REG100 dated 03-10-2022 before it was read....