TaxTMI 
TaxTMI 
Temporary Surrender and Revival of Professional Membership of an Insolvency Professional
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....ns) 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; * is included in the panel under 'Insolvency Professionals to act as Interim Resoluti....
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....n 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- Application for temporary surrender of professional membership. Dear Sir/Madam, I _________________ (the name of the IP), having Enrolment No. ______________and Regis....
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....rises 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: ______________________________________________________ 4. I am eligible to temporarily surrender the membership. 5. I herewith attach my original certificate of membership and original certificate of registration. Regards, (________________________) (Name and Signature of the Insolve....
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....egulations, 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 verified by the IPA. * There is no disciplinary proceedings pending against IP before the IPA or the IBBI. 3. It is hereby intimated that the application of Mr/Mrs./Ms__________(name of IP) for temporary surrender has been accepted and his professional membership has been temporarily struck down from the register of the Agency w.e.f. _______________....
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.... 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 Governing Board of Insolvency Professional Agencies) Regulations, 2016, I hereby solemnly affirm that - * I am a resident of India. * I am not in any employment. * I am not engaged in any business which is not permitted under the Code of Conduct as given in the First Schedule of the ....