TaxTMI 
TaxTMI 
Temporary Surrender and Revival of Professional Membership of an Insolvency Professional
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....lvency Professionals) Regulations, 2016 (IP Regulations) read with clause 26 of the Schedule to the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (Model Bye-Laws Regulations) provide for temporary surrender and revival of professional membership by an Insolvency Professional (IP). 2. Temporary surrender of professional membership creates inconveniences where the IP is: • conducting a process - corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy - under the Code; • is acting as an authorised representative representing any class of financial creditors; •....
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....evival of professional membership by the IPA; and • Form F: Letter of revival of professional membership by the IPA to IP. 5. This circular is issued in exercise of the powers conferred under clause (aa), (g) and (p) of sub-section (1) of section 196 of the Insolvency and Bankruptcy Code, 2016 in consultation with the Insolvency Professional Agencies. Yours faithfully, -Sd- (Dilip Arjun Khandale) Deputy General Manager [email protected] Encl.: Annexure I - VI for Form A - F 3 Annexure-I FORM A (APPLICATION BY AN IP TO IPA FOR TEMPORARY SURRENDER) To The Managing Director / Chief Executive Officer ...........(Name of IPA) ...........(Address of IPA) Subject- Applica....
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.... co-operate with the _________________ (name of IPA where the IP is enrolled) and Insolvency and Bankruptcy Board of India in case of any grievance, complaint, inspection, investigation or disciplinary proceeding, even if it arises after the temporary surrender of my membership. • vii. I have not become non-resident in India. • viii. I am not in any employment • ix. I shall not engage in any business, except as specifically permitted under the Code of Conduct as given in the First Schedule of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. • x. I have paid the fee due to IBBI/IPA as on date. 3. Reason for Surrender: ____________________________....
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....Recommendation) (Second) Guidelines, 2018,' or any such subsequent guidelines prevailing/pertaining to the empanelment of IPs. • IP has not been empanelled by the IBBI in accordance with 'Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018,' or any such subsequent guidelines prevailing/pertaining to the empanelment of IPs. • IP does not have any pending assignments in which he is acting as an Administrator under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018 as per the disclosure/return filed by IP which has been duly v....
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....utive Officer ...........(Name of IPA) Subject- Application for revival of professional membership. Dear Sir/Madam, I _________________ (write the name of the IP here), having Enrolment no. ________ (write the last held enrolment number) and Registration No.______________ (write the last held registration number) seek to apply under the applicable provisions of the IBBI (Insolvency Professional) Regulations, 2016 and the IBBI (Model Bye Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 for revival of my membership. 2. Being aware of the provisions of temporary surrender/revival of professional membership under the IBBI (Insolvency Professional) Regulations, 2016 and the IBBI (Model Bye Laws and G....
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.... that professional membership of Mr/Mrs/Ms._________________ (write the name of the IP here) having Enrolment no. ____________ (write the last held enrolment number) and (IP) Registration No.(last held registration number)______________ has been revived and re-instated in the register of the Agency w.e.f. _______________. (write the date on which the membership was re-stored). 2. It is verified that the revival of professional of Mr/Mrs/Ms ______________ (write the name of the IP here) has been granted on verification of the documents provided by the applicant and eligibility in accordance with applicable provision of the Code and Regulations. Regards, ( _________________) Managing Director / Chief Executive Officer Date : ....