Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2018

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....sionals) Regulations, 2016, namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2018. (2) They shall come into force on the date of publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (hereinafter referred to as the principal regulations), in regulation 7, in sub-regulation (2), for clause (c), the following clauses shall be substituted, namely: - "(c) pay to the Board, a fee of ten thousand rupees, every five years after the year in which the certificate is granted and such fee shall be paid on or before the 30th April of the year it falls due; Illustrati....

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....f 0.25 percent of the turnover from the services rendered by it in the preceding financial year, on or before the 30th of April every year, along with a statement in Form G of the Second Schedule; and". 5. In the principal regulations, after regulation 14, the following regulation shall be inserted, namely: - "15. Interest.- Without prejudice to any other action which the Board may take as deemed fit under the Code or any regulations made thereunder, any delay in payment of fee by an insolvency professional or an insolvency professional entity, a simple interest at the rate of 12% per annum on the amount of fee unpaid shall be paid to the Board after the last date of payment of fee under these regulations.". 6. In the principal regulatio....

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....of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016] To The General Manager (IPE Division) Insolvency and Bankruptcy Board of India Subject: Information of cessation/joining of a Director / Partner in an insolvency professional entity. Sir / Madam, I, [Insert name], being duly authorized for the purpose, submit the following information in compliance with sub-regulation (2) (b) and (2) (c) of regulation 13 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016: 1. Details of the IPE a. Name of the IPE: b. Date of Recognition by the Board: c. Recognition Number: d. E-mail address registered with the Board: e. Name and Designation of Authorised Signa....

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....mation within seven days of the cessation or joining, as the case may be. 6. A sum of Rs. …, as required under the regulation 13(2)(b), 13(2)(c) and 15, has been deposited into the account of the Board, vide….. .. 7. I certify that the above information is true and correct. Yours faithfully, (Authorised Signatory) (Name) (Designation) (IPE Name) (IPE Recognition Number) Place : Date : FORM G [Under Regulation 13 (2) (ca) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016] To The General Manager (IPE Division) Insolvency and Bankruptcy Board of India Subject: Annual statement of turnover of insolvency professional entity. Sir / Madam, 1. I, [Insert name], being d....