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Annual Compliance Certificate for Insolvency Professional Agencies - Insolvency and Bankruptcy - IBBI/IPA/54/2022

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..... e above Circular, the revised format of Annual Compliance Certificate for IPAs is being issued by the Board as per Annexure. All the registered IPAs have to submit the annual compliance certificate to the Board in the said format within 45 days of the end of the financial year. 5. This circular is issued in exercise of the powers conferred under clauses (aa), (g) and (t) of sub-section (1) of the Section 196 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 7 of the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. Yours faithfully, Sd/ (Manishkumar M. Chaudhari) Chief General Manager, IBBI (+91-11-23462869) -// Annexure//- (ON THE LETTER HEAD OF THE INSOLVENCY PROFESSIONAL AGENCY) ANNUAL COMPLIANCE CERTIFICATE FOR THE YEAR ______ We hereby certify that _______ (write the name of the Agency here), having registration no.__________ has complied with the applicable provisions of the Insolvency and Bankruptcy Code, 2016, the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016 and the relevant provisions of the Insolvency and Bankruptcy Board of In .....

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..... g performance? (v) In case of how many members, did the Agency find performance unsatisfactory? (vi) What action was taken against the members whose performance was found unsatisfactory? 4 204(d) (i) Does the Agency have a policy to safeguard the rights, privileges and interest of the members? (ii) What are the specific interventions the Agency did to safeguard the rights, privileges and interest of the members? 5 204(e) (i) How many members did the Agency suspend during the year? (ii) How many memberships did the Agency cancel during the year? (iii) What was the most common violation of law for which a membership was suspended or cancelled? 6 204(f) (i) How many grievances did the Agency receive during the year? (ii) How many grievances did the Agency redress during the year? (iii) How many grievances are pending for disposal at the end of the year? (iv) What was the most common type of grievance against members? (v) What was the average time taken for disposal of grievances? 7 204(g) (i) Whether the Agency has published details about its functions on its website? At what frequency these details are updated? (ii) Whether the Agency has published the list of its members on its webs .....

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Annual Compliance Certificate for Insolvency Professional Agencies - Insolvency and Bankruptcy

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..... resources. 19 5(1)(c) Does the Agency have a managing director? Does the Agency have a compliance officer? How many persons with professional and relevant experience are in employment of the Agency? 20 5(2)(a) Any contravention of the Code, rules, regulations or guidelines noticed by the Agency during theyear? 21 5(2)(b) How many people are engaged full time to ensure compliances? 22 5(2)(c) (i) When did the Agency pay fee for financial year ? (ii) What is the amount paid? 23 5(2)(d) How many persons hold more than ten per cent. share capital, directly or indirectly, of the Agency? 24 5(2)(e) How many grievances did the Agency receive during the year? 25 5(3) Is the certificate of registration valid as on 31st March, ? When is the renewal of registration due? Part C: Compliances with the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 26 3(2) Whether the bye-laws provide for all matters specified in the first schedule in the model bye-laws? 27 3(3) Whether the bye-laws of the Agency are inconsistent with the model bye-laws? Whether there has been any change in the bye-laws during the year? 28 3(4) ( .....

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Annual Compliance Certificate for Insolvency Professional Agencies - Insolvency and Bankruptcy

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..... der director in the same or another Agency? 40 5(11) How many independent directors are insolvency professionals as on 31st March,__? 41 5(12) Is the Chairperson of the Governing Board an independent director throughout the year? How many meetings of the Governing Board did the Chairperson of the Governing Board chair during the year? 42 5(13) (i) Whether any director disclosed the nature of his interest at the meeting of Governing Board or any Committee of the Agency under regulation 5(13)? (ii) Whether the disclosure made by the director under regulation 5(13) was recorded in the proceedings of the Governing Board or the Committee, as the case may be? (iii) Whether the director under regulation 5(13) took part in any deliberation or decision of the Governing Board or the Committee with respect to that matter? 43 5(14) (i) Whether any director disclosed any order of any authority that affects his character or reputation, to the Agency, within one week of issue of such order? (ii) Whether order referred in Para (i) above was placed on the website of the Agency? 44 5A(1) Whether the Agency satisfy the criteria for appointment of a managing director as laid down in regulation 5A(1)? .....

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..... y the managing director of the Agency? 58 7(4) Whether the Governing Board has appointed or removed the compliance officer by means of a resolution passed in its meeting? Part D: Compliance with the Model Bye-Laws of an Insolvency Professional Agency 59 5(2) Did the Agency carry on any function or activity other than the functions of the agency under the Code, and functions incidental thereto? 60 6(1) Whether Agency has maintained high ethical and professional standards in the regulation of its professional members during the year? 61 6(2)(a) Whether the Agency has ensured compliance with the Code and rules, regulations and guidelines issued thereunder governing the conduct of insolvency professional agencies during the year? Whether the Agency has ensured compliance with the Code and rules, regulations and guidelines issued thereunder governing the conduct of insolvency professionals during the year? Did any non-compliance come to the notice of the Agency? 62 6(2)(b) Whether the Agency has employed fair, reasonable, just, and non-discriminatory practices for the enrolment and regulation of its professional members? 63 6(2)(c) How many directions the Agency has issued to its profes .....

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Annual Compliance Certificate for Insolvency Professional Agencies - Insolvency and Bankruptcy

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..... professional members who was / were member of the committee during the year. 72 8(1)(d) How many Disciplinary Committee(s) did the Agency constitute during the year? How many meetings the committee(s) had during the year? Whether the Chairpersons of the committee(s) are independent directors of the Agency? Did the nominee of the Board attend all meetings of the committee? 73 9 How many members were enrolled during the year? How many of them were eligible for enrolment? Whether Governing Board provided additional eligibility requirement for enrolment as a professional member? Whether the additional eligibility requirements discriminate on grounds of religion, race, caste, gender, place of birth or professional affiliation? 74 10 Number of applications received. Number of applications accepted. Number of applications rejected. Number of applications pending. Number of professional members as on 01st April, . Number of professional members as on 31st March, . Number of new members enrolled during the year. Number of members who left the Agency during the year. 75 10(8) How many appeals did the Membership Committee receive during the year? 76 10(9) How many appeals did the Membership C .....

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Annual Compliance Certificate for Insolvency Professional Agencies - Insolvency and Bankruptcy

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..... rievance Redressal Policy providing the procedure for receiving, processing, redressing and disclosing grievances against the Agency or any professional member of the Agency? Have the details of grievances been disclosed during the year? Number of grievances received. Number of grievances dismissed. Number of grievances where mediation was initiated between parties for redressal of grievance. Number of matters referred to the Disciplinary Committee. 89 24 How many disciplinary proceedings were initiated by the Agency based on reference made by the Grievance Redressal Committee during the year? How many of them have been disposed of? How many disciplinary proceedings were initiated by the Agency based on monitoring of professional members during the year? How many of them have been disposed of? How many disciplinary proceedings were initiated by the Agency based on directions of the Board or any court of law during the year? How many of them have been disposed of? How many disciplinary proceedings were initiated by the Agency suo moto during the year? How many of them have been disposed of? 90 24(4) Whether all orders passed by the Disciplinary Committee have been placed on the webs .....

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Annual Compliance Certificate for Insolvency Professional Agencies - Insolvency and Bankruptcy

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