TaxTMI 
TaxTMI 
Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2019
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....erred to as the principal regulations), in regulation 13, in sub-regulation (2), after clause (ca), the following clause shall be inserted, namely:- "(cb) submit to the Board, by 15th day of October every year, a compliance certificate in Form H, for the preceding financial year: Provided that an insolvency professional entity recognised as on 31st March, 2019 shall submit to the Board, by 31st December 2019, a compliance certificate in Form H for the financial year 2018-19.". 3. In the principal regulations, in the Second Schedule, for Form A, the following Form shall be substituted, namely: - "FORM A [Under regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016] To The Executive Director (IP Division) Insolvency and Bankruptcy Board of India Subject: Application for registration as an insolvency professional. Sir / Madam, I, having been enrolled as a professional member with the [name of the insolvency professional agency] on [date of enrolment] with [professional membership number], hereby apply for registration as an insolvency professional under section 207 of the ....
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.... /organisation Marks (%) / Grade/ Class Date of passing Remarks, if any (1) (2) (3) (4) (5) (6) (7) 1 Limited Insolvency Examination IBBI 2 Graduate Insolvency Programme 3 National Insolvency Programme (iv) Pre-Registration Educational Course: Have you completed the Pre-Registration Educational Course? (Yes/No) If Yes, date of completion of Pre-Registration Educational Course: dd/mm/yyyy (v) Are you a registered valuer? (Yes/No) If yes, (a) IBBI Registration No. ___________, (b) Name of Registered Valuer Organisation (RVO) ____________ and, (c) RVO enrollment No. ___________. C. WORK EXPERIENCE (i) Are you presently in practice / employment? (Practice / Employment) ....
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....ith section 207 of the Insolvency and Bankruptcy Code, 2016. 2. I affirm that the information furnished by me in this application is correct and complete to the best of my knowledge and belief. 3. I undertake to comply with the requirements of the Insolvency and Bankruptcy Code, 2016, rules, regulations, guidelines and circulars issued thereunder, the bye-laws of the insolvency professional agency with which I am enrolled and directions given by the Board and the Governing Board of such insolvency professional agency and to furnish any additional information as and when called for by the Board or Insolvency Professional Agency. Name and signature of applicant Place: Date: ATTACHMENTS 1. Copy of proof of residence 2. Copy of PAN card, Aadhaar card and Passport 3. Copy of GST Registration Certificate 4. Copy of DIN/DPIN allotment letter 5. Copies of documents in support of educational qualification, professional qualification and insolvency examination and completion of Pre-Registration Education Course 6. Copies of documents demonstrating practice as - (i) a cha....
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....? Yes / No If Yes, give details and attach additional papers 6 Whether the professional member has been penalised by SEBI or CCI in the last three years? Yes / No If Yes, give details and supporting document 7 Whether the name of professional member appears in the list of defaulters of RBI / Credit Information Company? Yes / No If Yes, give details and supporting document 8 Whether the professional member has been convicted of any offence? Yes/No If Yes, give details and supporting document We have verified the details submitted by (name of the applicant) who is our professional member with (membership no.) and confirm that these are correct and complete to the best of our knowledge and belief. We recommend registration of (name of the applicant) as an insolvency professional with IBBI. (Name and Signature) Authorised Officer of the Insolvency Professional Agency (Seal of the Insolvency Professional Agency) Place: Date:". 4. In the principal regulations, in the Second Schedule, for Form C, the following Form shall be substituted, namely: - "FORM C [Under regulation 12 of the Insolvency and Bankruptcy Boa....
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.... C. ELIGIBILITY [in terms of Regulation 12 (1) of IP Regulations] 1. Sole objective of the applicant as per its constitutional document [Description of the sole objective]: 2. Net worth of the applicant as on ..... (Date should not be earlier than more 90 days from the date of application): (i) Amount: (ii) Date of net worth: (iii) Unique Document Identification Number of the net worth certificate issued by the Chartered Accountant, if any: (iv) Date of the net worth certificate issued by the Chartered Accountant, if any: 3. Details of shareholding or partner's contribution in the applicant: (i) In case of Partnership Sl. No. Name of Partner Amount (Rs.) of capital contribution % share in total capital contribution Whether partner is an insolvency professional (Yes / No) Registration No. as an insolvency profe....
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.... furnished in this application is correct and complete to the best of my knowledge and belief. 3. I, on behalf of [name of the applicant entity], undertake to comply with the requirements of the Insolvency and Bankruptcy Code, 2016, rules, regulations, guidelines and circulars issued thereunder, and such other terms and conditions as may be imposed by the Board while granting the certificate of recognition. Yours faithfully, Authorised Signatory (Name) (Designation) Place: Date: ATTACHMENTS 1. Copy of Board / Partners' Resolution authorising the person to make this application and make correspondence with the Board 2. Copy of CIN/LLPIN/Certificate of Registration of the applicant 3. Copy of PAN of the applicant 4. Copy of GST Registration Certificate of the applicant 5. Copy of Memorandum of Association/LLP Agreement/Registered Partnership Deed of the applicant 6. Copy of certificate of net worth issued by the Chartered Accountant, if any 7. Copy of Financial Statements of the applicant (including Provisional Financial Statements, as on same date on which net worth of ....
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....Director (c) Date of filing of joining with the concerned authority D. Composition of the Board / Partnership of the IPE before and after cessation/joining of the Director / Partner Sl. No. Composition (before cessation/joining) Composition (after cessation/joining) Name of the director/ partner Designation (whole time director / director / partner, as the case may be) Status as an IP Name of the director/ partner, as the case may be Designation (whole time director / director / partner, as the case may be) Status as an IP Yes / No If yes, IP Registration Number Yes / No If yes, IP Registration Number (1) (2) (3) (4) (5) (6) (7) (8) (9) AFFIRMATION I, on behalf of [name of the IPE], hereby affirm that- (i) I am submitting the above information within seven days of the cessation or joining of partner or director, as the case may be, in IPE; (i....
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....hfully, (Name of Director / Partner).". 6. In the principal regulations, in the Second Schedule, after Form G, the following form shall be inserted, namely: - "FORM H [Under regulation 13(2) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016] To The Executive Director (IPE Division) Insolvency and Bankruptcy Board of India Subject: Compliance Certificate under sub-regulation 2 (cb) of regulation 13 of Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. Sir / Madam, I, [name of the authorised signatory], having been authorised for the purpose, on behalf of [name of insolvency professional entity] with [recognition number of the insolvency professional entity], hereby affirm that the insolvency professional entity has (a) at all times complied with clauses (a) to (g) of sub-regulation (1) of regulation 12; and (b) complied with clauses (b) to (ca) of sub-regulation (2) of regulation 13 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 during the financial year ... 2. I, on beh....