Regulations 5⁴[ Qualifications and experience.—

Subject to the other provisions of these regulations, an individual shall be eligible for registration, if he –

• (a) has passed the Limited Insolvency Examination within twelve months before the date of his application for enrolment with the insolvency professional agency;
• (b) has completed a pre-registration educational course, as may be required by the Board, from an insolvency professional agency after his enrolment as a professional member; and
• (c) has-
  • (i) successfully completed the National Insolvency Programme, as may be approved by the Board;
  • (ii) successfully completed the Graduate Insolvency Programme, as may approved by the Board;
  • ⁵[(iii) experience of –

(a) ten years in the field of law, after receiving a Bachelor’s degree in law;

(b) ten years in management, after receiving a Master’s degree in Management or two-year full time Post Graduate Diploma in Management; or

(c) fifteen years in management, after receiving a Bachelor’s degree,

from a university established or recognised by law or an Institute approved by All India Council of Technical Education; or] (iv) ten years’ of experience as –

(a) chartered accountant registered as a member of the Institute of Chartered Accountants of India,

(b) company secretary registered as a member of the Institute of Company Secretaries of India,

(c) cost accountant registered as a member of the Institute of Cost Accountants of India, or

(d) advocate enrolled with the Bar Council.]

⁶[Explanation 1.- For the purposes of this regulation, only professional and managerial experience shall be considered.

Explanation 2.- For the purpose of computing,-

(a) the total experience of 10 or 15 years under sub-clause (iii), there shall be included experience of any period under sub-clause (iv);

(b) the total experience of 10 years under sub-clause (iv), there shall be included experience of any period under any of the items of that sub-clause.

Illustration 1

Where an individual has experience of nine years under sub-clause (iii) and experience of six years under sub-clause (iv), he shall be considered having experience of fifteen years for the purposes of sub-clause (iii).

Illustration 2

Where an individual has experience of 6 years under item (a) of sub-clause (iv) and experience of four years under item (d) of sub-clause (iv), he shall be considered as having total experience of 10 years for the purposes of sub-clause (iv).]

⁴. Substituted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01.04.2018). Regulation 5, before substitution, stood as under:

⁵. Substituted by Notification No. IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021). Regulation
5(c)(iii), before substitution, stood as under:
“(iii) fifteen years’ of experience in management, after receiving a Bachelor’s degree from a university established or
recognised by law; or”

⁶. Inserted by Notification No. IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021).