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Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018
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...., namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018. (2) They shall come into force on 1st April, 2018. 2. In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (hereinafter referred to as principal regulations), in regulation 3, for sub-regulation (3), the following sub-regulation shall be substituted, namely: - "(3) The syllabus, format, qualifying marks and frequency of the Limited Insolvency Examination shall be published on the website of the Board at least three months before the examination.". 3. In the principal regulations, for regulation 5, the following regulation shall be substituted,....
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....responsibilities under the Code, except those specifically permitted by the Board.". 5. In the principal regulations, in regulation 12, for sub-regulation (1), the following sub-regulation shall be substituted, namely: - "(1) A company, a registered partnership firm or a limited liability partnership may be recognised as an insolvency professional entity, if - (a) its sole objective is to provide support services to insolvency professionals, who are its partners or directors, as the case may be; (b) it has a net worth of not less than one crore rupees; (c) majority of its shares is held by insolvency professionals, who are its directors, in case it is a company; (d) majority of capital contribution is made by insolvency professio....
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.... the fee payable to him, the fee payable to the insolvency professional entity, and the fee payable to professionals engaged by him to the insolvency professional agency of which he is a professional member and the agency shall publish such disclosure on its website.". 7. In the principal regulations, in the Second Schedule, for FORM A, the following Form shall be substituted, namely: -- "FORM A [Under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016] To The General Manager (IP Division) Insolvency and Bankruptcy Board of India Subject: Application for registration as an insolvency professional Sir / Madam, I, having been enrolled as a professional member with the ____(plea....
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....nt? (Yes/ No) 2. Number of years in practice (in years and months): 3. If in practice, address for professional correspondence: 4. Number of years in employment (in years and months): 5. Experience Details (from the date of enrolment as Advocate / Chartered Accountant / Company Secretary / Cost Accountant/ Bachelors' Degree) Sl. No. From Date To Date Employment / Practice If employed, Name of Employer and Designation If in practice, practice as Advocate / Chartered Accountant / Company Secretary / Cost Accountant Area of work D. INSOLVENCY PROFESSIONAL AGENCY 1. Please give details of the insolvency professional agency with which you are enrolled as a professional member: 2. Please state your professional membership number: ....
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....attached/ uploaded are …… I undertake to furnish any additional information as and when called for. 2. I am not disqualified from being registered as an insolvency professional under the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. 3. I hereby certify and declare that I am not an undischarged insolvent/bankrupt and have not made any application to be adjudged so under the laws of any jurisdiction. 4. This application and the information furnished by me along with this application is true and complete. If found false or misleading at any stage, my registration shall be summarily cancelled. 5. I hereby undertake to comply with the requirements of the Insolvency and Bankruptcy Code, ....