TaxTMI 
TaxTMI 
TaxTMI 
Annual Compliance Certificate for Insolvency Professional Agencies
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....bility, 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 Agencies) Regulations, 2016 for the year 2017-18, as indicated in....
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....st 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? At what frequency these details are updated? Whether the IPA has published the list of its members on its website? At what frequency the list is updated? Whether the IPA has published the performance of its members on its website? At what frequency these details are updated? Whether the bye-law....
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....ence 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 Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 Page 7 of 20 26 3(2) 27 28 29 3(3) 3(4) 4(1) 30 5(1) Whether the bye-laws provide for all matters specified in the model bye-laws? Whether the bye-laws of the IPA are inconsistent with the model bye-laws? Whether there has been any change in the bye-laws during the year? Whether the IPA has published its bye-laws on its website? When was this published? Whether the IPA has published composition of all its committees formed under the bye-laws on it....
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....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 members during the year? Whether the IPA has ensured compliance with the directions issued to its professional members? How many programmes did the IPA organise during the year to develop the profession of IPs: a. Seminars Conferences b. Workshops Page 10 of 20 42 6(2)(e) c. Training How many IPs benefited from / participated in these programmes during the year? How many IPs did not participate in any pf the programmes organise by the IPA? How many programmes did the IPA organise for continuing professional development of the profession of IPs during the year: a. Seminars Conferences b. Workshops c. Training 43 6(2)(f) 44 6(2)(g) 45 7(1) How many IPs benefited from / participated in these programmes during the year? How many IPs did not participate in any of the organised by the IPA? programmes Are the programmes in row....
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....s on 01.04.2017 Number of professional members as on 31.03.2018 Page 13 of 20 53 10(8) 54 55 10(9) 11 56 12(1) 57 14 58 15 Number of new members enrolled during the year Number of members who left the IPA during the year How many appeals did the Membership Committee receive during the year? How many appeals did the Membership Committee dispose of during the year? How many appeals did the Membership Committee dispose of within 30 days of receipt of the appeal? What is the fixed sum of money charged annually from each professional member? How many members did not pay the membership fee? Whether the IPA has a register of its professional members containing their particulars as per clause 12(1)? Whether the IPA has a Code of Conduct that is consistent with and provides for all matters in the Code of Conduct as specified in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016? How many members violated any provision of the Code of Conduct during the year? Whether the IPA has a Monitoring Policy to monitor the professional activities and conduct of professional members for their adherence to the pro....
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....r? What is the highest penalty imposed on a member? Whether the Governing Board of the IPA has constituted an Appellate Panel, as required? How many members are common to the Disciplinary Committee and the Appellate Panel? How many meetings of the Appellate Panel were held during the year? Did the IBBI Nominee attend all the meetings of the Appellate Panel? How many appeals were received by the Appellate Panel during the year? How many appeals were disposed of by the Appellate Panel during the year? How many appeals were disposed of after 30 days of the receipt of the appeal? How many appeals were dismissed? How many appeals are pending for disposal as on 31st March, 2018? How many members applied for temporary surrender of professional membership during the year? Page 17 of 20 72 26(3) 73 26 How many applications were accepted? How many applications were rejected? How many applications are pending, if any, as 31st March, 2018? How many members revived their membership during the year? Whether the details regarding applications temporary professional accepted surrender membership for of and 74 27 75 30 76 Circul ar 1 ....