Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Third Amendment) Regulations, 2022

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.... of India (Insolvency Professionals) Regulations, 2016, namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Third Amendment) Regulations, 2022.     (2) They shall come into force with effect from 1st October, 2022. 2. In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (hereinafter referred to as 'the principal regulations'), in regulation 6, in sub-regulation (1), for the words "ten", the words "twenty" shall be substituted. 3. In the principal regulations, in regulation 7, in sub-regulation (2), (a) for clause (c), the following shall be substituted, namely:- "(c) pay to the Board, a f....

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....2016, within a period of thirty days, after end of each quarter or upon closure of the processes whichever is earlier, along with a statement in Form EA of the Second Schedule. Explanation: "quarter" means the period of three months commencing on the first day of January. April, July or October of a financial year." 4. In the principal regulations, in regulation 12, in sub-regulation (2), for the words "fifty thousand", the words "two lakh" shall be substituted. 5. In the principal regulations, in regulation 13, in sub-regulation (2), in clause (ca), (i) for the decimal, number and word "0.25 percent", the words "one per cent." shall be substituted. (ii) after second proviso, the following proviso shall be i....

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..... The following amounts are payable to the Board: Sl. No. Under regulation Amount Payable (Rs.) 1 Regulation 7(2)(cb)   2 Regulation 15, being interest from ... to .....   Total     3. A sum of Rs. ..., as worked out in Para 2 above, has been deposited into the account of the Board, vide..... .. 4. I, [insert name], hereby affirm that - (i) all information contained in this statement is true and correct in all material respects, and (ii) no material information relevant for the purpose of this statement has been suppressed. (iii) I, [Insert Name], am duly authorised to submit this form on behalf of the insolvency professional entity [Insert name of the ....

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....p;   Total         Part B - For services under regulation 13(2)(ca) 2. I, [Insert name], having been duly authorised for the purpose, hereby submit the annual statement for the insolvency professional entity [Insert name of the insolvency professional entity] in the financial year [Insert financial year], as under: Sl. No. Name of Corporate Debtor / Guarantor Corporate Identification Number / LLPIN of Corporate Debtor / Identification Number of Guarantor Name of IP who rendered services as IRP / RP / Liquidator / Bankruptcy Trustee / Other, if any Broad description of kind of service rendered Amount towards services rendered ....