IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016

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....BBI amends the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 <br>News and Press Release<br>Dated:- 12-10-2018<br><BR>Insolvency and Bankruptcy Board of India PRESS RELEASE No. IBBI/PR/2018/30 11th October, 2018 IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 The Insolvency and Bankruptcy Board of Ind....

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....ia (Board) has notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2018. 2. The salient amendments are: a. An insolvency professional shall pay to the Board, a fee calculated at the rate of 0.25 percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or b....

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....efore the 30th of April every year; b. An eligible person seeking recognition as an insolvency professional entity shall pay an application fee of fifty thousand rupees along with the application for recognition; c. An insolvency professional entity shall pay to the Board, a fee calculated at the rate of 0.25 percent of the turnover from the services rendered by it in the preceding financial yea....

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....r, on or before the 30th of April every year; d. An insolvency professional entity shall inform the Board, within seven days, when an individual ceases or joins as its director or partner, as the case may be, along with a fee of two thousand rupees; e. A delay in payment of fee by an insolvency professional or an insolvency professional entity will attract a simple interest at the rate of 12 per....

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....cent per annum on the amount of fee unpaid, without prejudice to any other action which the Board may take as deemed fit under the Code or any regulations made thereunder. 3. The amendment regulations are effective from 11th October, 2018. These are available at www.mca.gov.in and www.ibbi.gov.in.<BR> News - Press release - PIB....