TaxTMI 
TaxTMI 
Annual Compliance Certificate for Insolvency Professional Agencies
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...., and in the interest of transparency and accountability, the IBBI, in consultation with IPAs, has devised the format of ANNUAL COMPLIANCE CERTIFICATE (Annexure A) to be submitted by the IPAs to the IBBI and to be displayed on its website within 45 days of the closure of the financial year. 3. The IPAs are requested to submit the ANNUAL COMPLIANCE CERTIFICATE for the year 2017-18 to the IBBI and display the same on their respective websites by 15th May, 2018. 4. This circular is issued in exercise of the powers conferred under section 196 of the Insolvency and Bankruptcy Code, 2016. Yours faithfully, (Debajyoti Ray Chaudhuri) Chief General Manager Email: [email protected] Annexure A ON THE LETTER HEAD OF THE INSOLVENCY PROFESSIONAL AGENCY ANNUAL COMPLIANCE CERTIFICATE FOR THE YEAR 2017-18 I hereby certify that_________________ (write the name of the IPA here), having Registration No.______________ has complied with the applicable provisions of the Insolvency and Bankruptcy Code, 2016, the IBBI (Insolvency Professional Agencies) Regulations, 2016 and the relevant provisions of IBBI (Model Bye Laws and Governing Board of Insolvency Professional Ag....
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....4(e) 204 (f) 7 204(g) How many members did not provide material required for monitoring performance? In case of how many members, did the IPA find unsatisfactory? performance What action was taken against the members whose performance was found unsatisfactory? Does the IPA have a policy to safeguard the rights, privileges and interest of the members? What are the specific interventions the IPA did to safeguard the rights, privileges and interest of the members? How many members did the IPA suspend during the year? How many memberships did the IPA cancel during the year? What was the most common violation of law for which a member was suspended or cancelled? How many grievances did the IPA receive during the year? How many grievances did the IPA redress during the year? How many grievances are pending for disposal at the end of the year? What was the most common type of grievance against members? What was the average time taken for disposal of grievances? Whether the IPA has published details about its functions on its Page 4 of 20 80 205 website?....
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....t March, 2018 is a fit and proper person? Page 6 of 20 18 5(1)(b) 19 5(1)(c) Does the IPA have adequate infrastructure to perform its functions under the law? Provide brief details infrastructure as on 31st March, 2018 in terms of office premises, computing resources and human resources. Does the IPA have a Managing Director? Does the IPA have a Compliance Officer? How many persons professional and with relevant 20 5(2)(a) 21 5(2)(b) 22 5(2)(c) experience are in employment of the IPA? Any contravention of the Code, rules, regulations or guidelines noticed by the IPA during the year? How many people are engaged full time to ensure compliances? When did the IPA pay fee for 2017-18? What is the amount paid? 23 5(2)(d) 10% 24 5(2)(e) 25 5 (3) How many persons hold more than share capital, directly or indirectly, of the IPA? How many grievances did the IPA receive during the year? Is the certificate of registration valid as on 31st March, 2018? When is the renewal of registration due? Part C: Compliances with Insolvency and Bankru....
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....irperson of the Governing Board chair during the year? Part D: Compliance with the Model Bye-laws of an Insolvency Professional Agency Page 9 of 20 36 37 5(2) 6(1) 38 6(2)(a) 39 6(2)(b) 40 6(2)(c) 41 6(2)(d) Did the IPA carry on any function or activity other than activities and functions of an IPA during the year? Whether IPA has maintained high ethical and professional standards in the regulation of its professional members during the year? Whether the IPA has ensured compliance with the Code and rules, regulations and guidelines issued thereunder governing the conduct of insolvency professional agencies during the year? Whether the IPA has ensured compliance with the Code and rules, regulations and guidelines issued thereunder governing the conduct insolvency professionals during the year? of Did any non-compliance come to the notice of the IPA? Whether the IPA has employed fair, reasonable, just, and non- discriminatory practices for the enrolment and regulation of its professional members? How many directions the IPA has issued to its professional me....
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....Committees have at least one professional member at all times during the year? Page 12 of 20 49 8(1)(d) 50 9 51 9 52 10 Please write the names of professional members who was / were member of the Committee during the year. How many Disciplinary Committees did the IPA constitute during the year? How many meetings the Committee(s) had during the year? Whether the Chairpersons of the Committee(s) are independent directors of the IPA? Did the nominee of the IBBI attend all meetings of the Committee? How many members were enrolled during the year? How many of them were eligible for enrolment? Whether Governing Board provided additional eligibility requirement for enrolment as a professional member? Whether the additional eligibility requirements discriminate on grounds of religion, race, caste, gender, place of birth or professional affiliation? Number of applications received Number of applications accepted Number of applications rejected Number of applications pending Number of professional members as on 01.04.2017 Number of professional members as ....
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....of the Agency? Have the details of grievances been disclosed during the year? No. of grievances received: No. of grievances dismissed: Page 15 of 20 66 24 67 24(4) No. of grievances where mediation was initiated between parties for redressal of grievance: No. of matters referred to Disciplinary Committee: How many disciplinary proceedings were initiated by the IPA based on reference made by Grievance the Redressal Committee during the year? How many of them have been disposed of? How many disciplinary proceedings were initiated by the IPA based on monitoring of professional members during the year? How many of them have been disposed of? How many disciplinary proceedings were initiated by the IPA based on directions of the IBBI or any Court of Law during the year? How many of them have been disposed of? How many disciplinary proceedings were initiated by the IPA suo moto during the year? How many of them have been disposed of? Whether all orders passed by the Disciplinary Committee have been placed on the website of the IPA ....