2019 (1) TMI 1044

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....nd Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (Regulations), subject to the condition, inter-alia, that it shall at all times continue to satisfy the requirements under regulation 12 thereof. 2. The Regulations, as amended by the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018, inter alia, require that, an IPE recognised as on 1st April, 2018 shall comply with the provisions of clauses (a), (b), (c) and (d) of subregulation (1) of regulation 12 on or before 30th September, 2018 and the provisions of clauses (e), (f) and (g) on or before 30th June, 2018. The said sub-regulation reads as under: "12. (1) A company, a registered partnership firm or a limit....

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....ance with the provisions of sub-regulation (1) of regulation 12 of the Regulations by 15th October, 2018 from the recognised IPEs. It informed, vide the said e-mail(s), that if an IPE failed to intimate the status of compliance by that date, it shall be presumed that the said IPE did not comply with the provisions of sub-regulation (1) of regulation 12 of the Regulations and shall be de-recognised forthwith in accordance with the aforesaid regulation 14. 5. In response to the above, ten IPEs sought extension of time to comply with the provisions of the regulation 12. Since the Regulations do not provide for relaxation or extension of time, their requests could not be considered, and they were informed accordingly vide e-mail(s) dated 6th....

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.... 2018, informed them that they did not comply with the provisions of regulation 12 and they are liable to be de-recognised. There was no response from them to the said letters. Accordingly, the Board hereby de-recognises the two IPEs, as listed in the following Table, in accordance with Regulation 14 of the said Regulations with effect from 1st October, 2018 for non-compliances as stated therein: Sl. No. Name of the IPE Recognition No. of the IPE Non-Compliance of Regulation 12(1) 1 Bolster Juris IBP Private Limited IBBI/IPE/0048 12(1)(a), 12(1)(b) and 12(1)(g) 2 Chartered Insolvency Resolution Professionals Private Limited IBBI/IPE/0044 12(1)(a), 12(1)(b), 12(1)(c) and 12(1)(g) 7. One IPE, namely, ....