Insolvency and Bankruptcy Board of India has introduced the IBBI (Insolvency Professionals ) (Fourth Amendment) Regulations with the following changes:
A.No. IBBI/PR/2022/39–4th amendment effective from 28.09.2022
1.IPE can act as Insolvency Professional: An IPE, recognised by the Board, can seek registration as an IP with the Board, by making an application in the specified form along with a non-refundable application fee of two lakh rupees
2.Partner/director to act for IPE: Regulation 6(1)(ha) has been inserted which states that An IPE which is registered as an IP shall allow only its partner or director, as the case may be, who is an IP and holds a valid Authorisation For Assignment, to sign and act on behalf of it.
3.Partner/director to be fit and proper Person: An IPE cannot be registered as the IP if the entity and/or any of its partner or director, as the case may be, is not fit and proper
4.Intimation to IPA: When the IPE is enrolled with IPA (Insolvency Professional Agency) the intimation shall also be made to the IPA to update its register of professional members.
5.Form AA for registration as an IP: An IPE interested in registration as a IP shall apply to the Board in Form AA
Amendment:
