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

Sep 21, 2022 | by TeamLease RegTech Legal Research Team

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Secretarial ComplianceThe Insolvency and Bankruptcy Board of India (IBBI) on September 20, 2022 has issued Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Third Amendment) Regulations, 2022 to further amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. This shall come into effect from October 01, 2022.

The following has been stated namely: -

• Under Regulation 7(2) which states the conditions an Insolvency Professional must satisfy to receive the Certificate of registration clause (e) has been substituted namely:  

“pay to the Board, a fee of twenty thousand rupees, in case the insolvency professional is an individual or a fee of two lakh rupees, in case the insolvency professional is an insolvency professional entity, every five years after the year in which the certificate is granted and such fee shall be paid on or before the 30th April of the year it falls due.”

• Under Regulation clause (ca) it has been said that a fee calculated at the rate which is now 1 percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year.

• A person eligible to be an insolvency professional entity y make an application for recognition as an insolvency professional entity to the Board in Form C of the Second Schedule along with an application fee of which is now two Lakh instead of fifty thousand rupees.

• New Form EA has been introduced which states “Statement of Fee”

• Form G which states “Annual statement of services rendered by an insolvency professional entity” has been substituted.

 

[Notification No. IBBI/2022-23/GN/REG97]

 


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