TaxTMI 
TaxTMI 
Annual Compliance Certificate for Insolvency Professional Agencies
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....oard vide Circular No: IPA/009/2018 dated 19th April, 2018. 4. Now in consequence of amendments in regulations and in suppression of the above Circular, the revised format of Annual Compliance Certificate for IPAs is being issued by the Board as per Annexure. All the registered IPAs have to submit the annual compliance certificate to the Board in the said format within 45 days of the end of the financial year. 5. This circular is issued in exercise of the powers conferred under clauses (aa), (g) and (t) of sub-section (1) of the Section 196 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 7 of the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. Yours faithfully, Sd/ (Manishkumar M. Chaudhari) Chief General Manager, IBBI (+91-11-23462869) -// Annexure//- (ON THE LETTER HEAD OF THE INSOLVENCY PROFESSIONAL AGENCY) ANNUAL COMPLIANCE CERTIFICATE FOR THE YEAR ______ We hereby certify that _______ (write the name of the Agency here), having registration no.__________ has complied with the applicable provisions of the Insolvency and Bankruptcy Code, 2016, the Insolvency and Bankr....
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....the Agency monitor during year? (iii) What are the parameters used for monitoring the performance of its members? (iv) How many members did not provide material required for monitoring performance? (v) In case of how many members, did the Agency find performance unsatisfactory? (vi) What action was taken against the members whose performance was found unsatisfactory? 4 204(d) (i) Does the Agency have a policy to safeguard the rights, privileges and interest of the members? (ii) What are the specific interventions the Agency did to safeguard the rights, privileges and interest of the members? 5 204(e) (i) How many members did the Agency suspend during the year? (ii) How many memberships did the Agency cancel during the year? (iii) What was the most common violation of law for which a membership was suspended or cancelled? 6 204(f) (i) How many grievances did the Agency receive during the year? (ii) How many grievances did the Agency redress during the year? (iii) How many grievances are pending for disposal at the end of the year? (iv) What was the most common type of grievance against members? (v) What was the average time taken for disposal of grievances? 7 ....
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....y are fit and proper persons? 18 5(1)(b) * Does the Agency have adequate infrastructure to perform its functions under the law? * Provide brief details of infrastructure as on 31st March, in terms of office premises, computing resources and human resources. 19 5(1)(c) * Does the Agency have a managing director? * Does the Agency have a compliance officer? * How many persons with professional and relevant experience are in employment of the Agency? 20 5(2)(a) Any contravention of the Code, rules, regulations or guidelines noticed by the Agency during theyear? 21 5(2)(b) How many people are engaged full time to ensure compliances? 22 5(2)(c) (i) When did the Agency pay fee for financial year ? (ii) What is the amount paid? 23 5(2)(d) How many persons hold more than ten per cent. share capital, directly or indirectly, of the Agency? 24 5(2)(e) How many grievances did the Agency receive during the year? 25 5(3) * Is the certificate of registration valid as on 31st March, ? * When is the renewal of registration due? Part C: Compliances with the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Age....
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....erning Board of the Agency accorded satisfactory performance review to the independent director in case of the second term referred to in regulation 5(8)? 39 5(10) * Whether any independent director became a shareholder director in the same or another Agency? * Whether cooling off period of three years was ensured for appointment of independent director as a shareholder director in the same or another Agency? 40 5(11) How many independent directors are insolvency professionals as on 31st March,__? 41 5(12) * Is the Chairperson of the Governing Board an independent director throughout the year? * How many meetings of the Governing Board did the Chairperson of the Governing Board chair during the year? 42 5(13) (i) Whether any director disclosed the nature of his interest at the meeting of Governing Board or any Committee of the Agency under regulation 5(13)? (ii) Whether the disclosure made by the director under regulation 5(13) was recorded in the proceedings of the Governing Board or the Committee, as the case may be? (iii) Whether the director under regulation 5(13) took part in any deliberation or decision of the Governing Board or the Committee with respect ....
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....ons issued thereunder? 56 7(2) Whether the compliance officer, immediately and independently, reported to the Board any non-compliance of the provisions referred to in regulation 7(1)? 57 7(3) * Whether the compliance officer has submitted a compliance certificate to the Board annually, verifying that the Agency has complied with the provisions referred to in sub-regulation 7(3)? * Whether the annual compliance certificate was also signed by the managing director of the Agency? 58 7(4) Whether the Governing Board has appointed or removed the compliance officer by means of a resolution passed in its meeting? Part D: Compliance with the Model Bye-Laws of an Insolvency Professional Agency 59 5(2) Did the Agency carry on any function or activity other than the functions of the agency under the Code, and functions incidental thereto? 60 6(1) Whether Agency has maintained high ethical and professional standards in the regulation of its professional members during the year? 61 6(2)(a) * Whether the Agency has ensured compliance with the Code and rules, regulations and guidelines issued thereunder governing the conduct of insolvency professional agencies during the y....
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.... of the Agency? 70 8(1)(b) * Whether the Agency has constituted the Monitoring Committee? * How many meetings the committee had during the year? * Whether the Chairperson of the committee is an independent director of the Agency? 71 8(1)(c) * How many Grievance Redressal Committee(s) did the Agency constitute during the year? * How many meetings the committee(s) had during the year? * Whether the Chairperson(s) of the committee(s) are independent directors of the Agency? * Did each of the committees have at least one professional member at all times during the year? * Please write the names of professional members who was / were member of the committee during the year. 72 8(1)(d) * How many Disciplinary Committee(s) did the Agency 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 Agency? * Did the nominee of the Board attend all meetings of the committee? 73 9 * How many members were enrolled during the year? * How many of them were eligible for enrolment? * Whether Governing Board provided additional eligibility requirement for e....
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....llecting information from professional members as insolvency professionals, including records of ongoing and concluded engagements? * Did the Agency receive information from all members as required above? * How many members submitted information in the prescribed format at least twice during the year? * Has the Agency taken appropriate action against those members who did not submit the information? 85 17 Did the Monitoring Committee review the information and records submitted by the members? 86 18 (i) Did the Monitoring Committee evaluate the performance of members? (ii) What is the assessment of the performance of the members, according to the Monitoring Committee? 87 20 Whether the Agency has submitted a report to the Board? 88 21 * Whether the Agency has a Grievance Redressal Policy providing the procedure for receiving, processing, redressing and disclosing grievances against the Agency or any professional member of the Agency? * Have the details of grievances been disclosed during the year? * Number of grievances received. * Number of grievances dismissed. * Number of grievances where mediation was initiated between parties for redressal of grieva....