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INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY PROFESSIONAL AGENCY) REGULATIONS, 2016 – AN OVERVIEW

Corporate Laws / Banking / SEBI - By: - Mr. M. GOVINDARAJAN - Dated:- 6-12-2016 - Section 196 of Insolvency and Bankruptcy Code, 2016 ( Code for short) gives powers to the Insolvency and Bankruptcy Board of India ( Board for short) to register Insolvency Professional Agency ( Agency for short), regulate and monitor the agencies. Section 201 of the Code provides for the procedure of registration of Agency under the Code. Section 202 of the Code provides for the procedure of filing appeal before t .....

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the Insolvency and Bankruptcy of India (Insolvency Professional Agencies) Regulations, 2016 ( Regulations for short) vide Notification No. IBBI/2016-17/GN/REG002, dated 21.11.2016. These regulations came into effect from 21.11.2016. The code provides for the procedure of registration of Agency, renewal, granting of certificate of registration, procedure for rejection application, surrender or cancellation of registration, taking of disciplinary proceedings, in-principal approval. These regulati .....

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encies),2016; it has a minimum net worth of ₹ 10 crores; it has a paid up share capital of ₹ 5 crores; it is not under the control of person(s) resident outside India; not more than 49% of its share capital is held, directly or indirectly, by persons resident outside India; and it is not a subsidiary of a body corporate through more than one layer (subsidiary); itself, its promoters, its directors and persons holding more than 10% of its share capital are fit and proper persons; For .....

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s the application along with the Annexure- Part I - General Information; Part II - Memorandum of Association, Articles of Association and Bye-laws; Part III - Shareholding and financial strength; Part IV - Details of Directors and Employees; Part V - Infrastructure details; Part VI - Compliance (for renewal) The fee shall a non refundable of ₹ 10 lakhs; The Board shall acknowledge the application within 7 days of its receipt; The Board shall examine the application and given an opportunity .....

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ons under the code and has in its employment, persons having adequate professional and other relevant experience, to enable it to perform its functions and has complied with the conditions of the certificate of registration, it may grant a certificate of registration to the applicant to carry on the activities of an insolvency professional agency inform B; The certificate is to be granted within 60 days of the receipt of the application; The limitation shall exclude the time given by the Board f .....

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f the Board when a person, other than a statutory body, seeks to hold more than 10% directly or indirectly, of the share capital of the Agency; take adequate steps for redressal of grievances; and abide by such other conditions as may be specified. Rejection of application If the Board is prima facie opinion the registration ought not be granted or granted with additional conditions, it shall communicate the reasons for forming such an opinion and given the applicant an opportunity to explain wh .....

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he Board shall communicate its decision to accept the application, along with the certificate of registration or reject the application by an order, giving reasons thereof, within 30 days of receipt of explanation. Renewal of registration An Agency, who has been granted registration, may make an application for renewal in Form A six months before the expiry of such registration along with a non refundable application fee of ₹ 5 lakhs. The applicant is to give additional information in Part .....

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application for renewal of registration shall require the Agency to- discharge the pending obligations; continue its functions till such time as may be specified, to enable the enrolment of its members with another insolvency professional agency; and comply with any other directions as considered appropriate. Surrender of registration Regulation 7 provides that an Agency may submit an application for surrender of a certificate of registration to the Board, providing- the reasons for such surrend .....

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is received the Board may considered the same within 30 days from the last date of submission of objections, approve the application for surrender of registration subject to the conditions as it deems fit. The approval may require the Agency to discharge any pending obligations or continue its functions till such time as may be specified, to enable the enrolment of its members with another Agency. The Board, after being satisfied that the requirements have been complied with by the Agency, shal .....

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been issued; the details of the alleged facts; the details of the evidence in support of the alleged facts; the provisions of the Code, rules, regulations or guidelines there under allegedly violated or the manner in which the public interest is allegedly affected; the actions or directions that the Board proposes to take or issue if the allegations are established; the manner in which the Agency is required to respond to the show cause notice; consequences of failure to respond to the show caus .....

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ommittee for disposal of the show cause notice. The Committee shall dispose of the notice by a reasoned order in adherence to the principles of Natural Justice. The Committee shall try to dispose of the notice within a period of 6 months of the assignment. The Committee shall consider the submissions of the Agency. After considering the relevant material facts and circumstances and material on record, the Committee shall dispose of the notice by a reasoned order. The order may provide for- no ac .....

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account of such contravention whichever is higher. The total penalty shall not exceed ₹ 1 crore; Section 220(4) provides that the Board may direct any person to disgorge an amount equivalent to such unlawful gain or aversion of loss; Section 220(5) provides that the Board may take such action as may be required to provide restitution to the person who suffered loss on account of any contravention from the amount so disgorged, if the person who suffered such loss is identifiable and the lo .....

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