TaxTMI 
TaxTMI 
Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2023
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....gulation 5, in clause (b), after the words "pre-registration educational course", the words "within twelve months from the date of payment of non-refundable application fee under regulation 6", shall be inserted. (2) in regulation 6, (i) for sub-regulation (1), the following sub-regulation shall be substituted, namely: - "(1) An individual enrolled with an insolvency professional agency as a professional member may make an application to the Board through the insolvency professional agency of which he is a member, in Part - II of Form A of the Second Schedule to these Regulations, along with a nonrefundable application fee of twenty thousand rupees to the Board." (ii) for sub-regulation (1A), the following sub-regulation shall be substituted, namely: - "(1A) An insolvency professional entity eligible for registration as an insolvency professional under sub-regulation (2) of regulation 4 may make an application to the Board through the insolvency professional agency of which it is a member, in Part - II of Form AA of Second Schedule to these Regulations, along with a non-refundable application fee of two lakh rupees to the Board." (iii) in sub-regulation (2), for the wor....
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.... 10B. Special procedure for action on surrender, expulsion, etc. (1) While disposing of the matter under this regulation, the Board shall not be bound by the procedure specified in regulation 11. (2) On receipt of information under clause (e) and (f) of sub-regulation (1) of regulation 10, the Board may issue a notice, if required, to such professional member, calling upon it to explain as to why the certificate of registration, granted under the regulations, should not be cancelled. (3) The professional member may make written submission(s), if any, within a period not exceeding twenty-one days from the date of service of notice. (4) On being satisfied with the submission(s) made under sub-regulation (3), the Board may decide to cancel the registration or issue directions to complete the ongoing assignments, make pending compliances including payment of fee, etc. (5) The Board shall communicate its decision under sub-regulation (4) within thirty days from date of receipt of written submissions under sub-regulation (3). (6) On receipt of information under clause (g) of sub-regulation (1) of regulation 10, the registration of such insolvency professional with the Board ....
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....(24) or 3 (25) of Insolvency and Bankruptcy Code, 2016] B. EDUCATIONAL, PROFESSIONAL AND INSOLVENCY EXAMINATION QUALIFICATIONS (i) Educational Qualifications [Please provide educational qualifications from Bachelor's degree onwards] Sl. No. Educational qualification University /College Year of Passing Marks Secured (%) Grade/ Class Remarks, if any (1) (2) (3) (4) (5) (6) (7) (ii) Professional Qualifications [in terms of regulation 5(c)(iv) of IP Regulations] Sl. No. Professional Qualification Institute/ Professional Body Membership No. / Enrolment No. (as the case may be) Date of registration/ enrolment Remarks, if any (1) (2) (3) (4) (5) (6) (iii) Insolvency Examinations Sl. No. Name of the examination /programme Whether qualified or not? (Yes / No) Name of the Institute/ Organisation Marks (%) /Grade/Class (If applicable) Date of passing Remarks, if any (1) (2) (3) (4) (5) (6) (7) 1 Limited Insolvency Examination IBBI 2 Post Graduate Insolvency Programme 3 National Insolvency Programme (iv) Are you a registered valuer? (Yes/No) If yes, (a) IBB....
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....th the Institute of Company Secretaries of India; (iii) a cost accountant registered with the Institute of Cost Accountants of India; or (iv) an advocate enrolled with the Bar Council. 7. Copies of certificate of employment from the employer(s), specifying the period of such employment 8. Financial statements / Income-tax Returns for the last three years. 9. Copy of certificate of professional membership of Registered Valuer Organisation. 10. Evidence of deposit / payment of applicable fee. 11. Details of information with respect to conviction, criminal proceedings, insolvency/bankruptcy order, disciplinary proceedings/actions, and any other additional information relevant for the application, as may be applicable (including brief facts, copy of relevant orders and present status thereof) as separate enclosures. F. UNDERSTANDING I understand and agree that my enrolment with the and completion of preregistration educational course, subsequently, does not entitle me to the registration, which is subject to me complying with requirements applicable under the Insolvency and Bankruptcy Code, 2016 read with the Insolvency and Bankruptcy Board of India (Insolvency Professionals....
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....ye-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. F. ATTACHMENTS 1. Copy of certificate of membership with an insolvency professional agency. 2. Copy of certificate of completion of pre-registration educational course. 3. Evidence of deposit / payment of applicable fee. 4. Copy of proof towards information updated in the Form A, wherever applicable. Name and signature of applicant Place: Date: Part - III TO BE SUBMITTED BY THE INSOLVENCY PROFESSIONAL AGENCY [For the purposes of registration as an Insolvency Professional] To, The Executive Director (IP Division) Insolvency and Bankruptcy Board of India Subject: Application for registration as an insolvency professional Sir / Madam, The application for registration received from [Name of the applicant] after obtaining the membership [Professional Membership Number], under section 207 of the Insolvency and Bankruptcy Code, 2016 read with regulation 6 of the Insolvency and Bankruptcy Board of....
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....r CCI in the last three years? Yes / No. If Yes, give details and supporting document. 10 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. 11 Whether the professional member has been convicted of any offence? Yes / No. If Yes, give details and supporting document. We have verified the above details submitted by who is our professional member with and confirm these to be true and correct. We recommend registration of 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 principal regulations, in Second Schedule, for Form AA, the following form shall be substituted, namely: - "FORM AA UNIFIED ENROLMENT AND REGISTRATION APPLICATION FORM [Under regulation 10 of Insolvency and Bankruptcy Board of India (Model Bye- Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 and Regulation 6 (1A) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016] Part - I....
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....plicant entity is eligible to be enrolled as a professional member with the insolvency professional agency. 3. I, on behalf of [name of the applicant entity], hereby affirm that - (i) all information contained in this application is true and correct in all material respects, (ii) no material information relevant for the purpose of this application has been suppressed, and (iii) enrolment granted in pursuance of this application may be cancelled summarily if any information submitted herein is found to be false or misleading in material respects at any stage. 4. I, hereby confirm that the applicable fee has been paid to the agency vide [please enter the payment details along with date of making the payment] and enclose proof thereof. 5. If granted certificate of membership, I, on behalf of [name of the applicant entity], undertake to comply with the requirements of the Code, the rules, regulations or circulars or guidelines issued thereunder, and such other terms and conditions as may be imposed by the Agency while granting the certificate of membership or subsequently. Yours faithfully, Authorized Signatory (Name) (Designation) (Insolvency Professional Registration ....
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....orized Signatory (Name) (Designation) (Insolvency Professional Registration Number-----------) (Name of the Insolvency Professional Entity--------) (Recognition Number of the Insolvency Professional Entity----) Place: Date: ATTACHMENTS 1. Certified copy of Board / Partners' Resolution authorising the person to make this application and correspond with the Board in this respect. 2. Copy of Certificate of Membership issued by the Insolvency Professional Agency. 3. Evidence of deposit / payment of applicable fee. 4. Copy of proof towards information updated in the Form AA, wherever applicable. Part - III TO BE SUBMITTED BY THE INSOLVENCY PROFESSIONAL AGENCY [For the purposes of registration as an Insolvency Professional] To, The Executive Director (IP Division) Insolvency and Bankruptcy Board of India Subject: Application for registration as an insolvency professional Sir / Madam, The application for registration received from [Name of the professional member] after obtaining the membership [Professional Membership Number], under section 207 of the Insolvency and Bankruptcy Code, 2016 read with regulation 6 (1A) of the Insolvency and Bankruptcy Board of India ....