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Corporate Laws Central Ministry of Finance Insolvency and Bankruptcy Code, 2016

Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2023

18-Sep-2023 | IBBI/2023-24/GN/REG104

Insolvency and Bankruptcy Board of India has issued the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2023, effective from 18th September 2023.

The key highlights of the amendment are:

1. Changes in Regulation 6 - Application Process:
a. Individuals enrolling with an insolvency professional agency as professional members can apply to the Board through their respective agency. They need to submit Part II of Form A along with a non-refundable application fee of twenty thousand rupees.

b. Insolvency professional entities eligible for registration can apply to the Board through their respective agency by submitting Part II of Form AA along with a non-refundable application fee of two lakh rupees.

2. Substitution of Form A in Second Schedule: The form for unified enrollment and registration application (Form A) has been substituted with a new format.

3. Insertion of Regulation 10A - Surrender of Certificate of Registration:
a. An insolvency professional can surrender their certificate of registration by making a written request to the Board along with the original certificate.

b. If the Board is satisfied, it may accept the surrender request within thirty days. Upon acceptance, the registration of the insolvency professional will be cancelled.

c. From the date of cancellation, the concerned person will not be allowed to represent themselves as a registered insolvency professional.

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