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MODEL BYE-LAWS OF AN INSOLVENCY PROFESSIONAL AGENCY

SCHEDULE - Regulation - Schedules - Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 - SCHEDULE - SCHEDULE [Under Regulation 3 read with Regulation 2(1)(c)] I. GENERAL 1. The name of the Insolvency Professional Agency is "____" (hereinafter referred to as the 'Agency'). 2. The Agency is registered as a company under section 8 of the Companies Act, 2013 with its registered office situated at _____ .....

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of 2016); (c) "Governing Board" means the Board of Directors of the Agency as defined under section 2(10) of Companies Act, 2013 (18 of 2013); (d) "professional member" means an insolvency professional who has been enrolled as such, in accordance with Part VI of these bye-laws; (e) "relative" shall have the same meaning as assigned to it in section 2(77) of the Companies Act, 2013. (2) Unless the context otherwise requires, words and expressions used and not define .....

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onal standards in the regulation of its professional members. (2) The Agency shall - (a) ensure compliance with the Code and rules, regulations and guidelines issued thereunder governing the conduct of insolvency professional agencies and insolvency professionals; (b) employ fair, reasonable, just, and non-discriminatory practices for the enrolment and regulation of its professional members; (c) be accountable to the Board in relation to all bye-laws and directions issued to its professional mem .....

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y Committee of professional members of the Agency to advise it on any matters pertaining to- (a) the development of the profession; (b) standards of professional and ethical conduct; and (c) best practices in respect of insolvency resolution, liquidation and bankruptcy. (2) The Advisory Committee may meet at such places and times as the Governing Board may provide. Other Committees of the Agency. 8. (1) The Governing Board shall constitute- (a) one or more Membership Committee(s) consisting of s .....

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. 9. No individual shall be enrolled as a professional member if he is not eligible to be registered as an insolvency professional with the Board: Provided that the Governing Board may provide additional eligibility requirements for enrolment: Provided further that such additional requirements shall not discriminate on the grounds of religion, race, caste, gender, place of birth or professional affiliation. Process of Enrolment as Professional Member. 10. (1) An individual may apply for enrolmen .....

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l documents, information or clarification that it deems fit, within reasonable time. (5) The Agency may reject an application if the applicant does not satisfy the criteria for enrolment or does not remove the deficiencies or submit additional documents or information to its satisfaction, for reasons recorded in writing. (6) The rejection of the application shall be communicated to the applicant stating the reasons for such rejection, within thirty days of the receipt of the application, excludi .....

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shall pass an order disposing of the appeal in the manner it deems expedient, within thirty days of the receipt of the appeal. Professional Membership Fee. 11. The Agency may require the professional members to pay a fixed sum of money as its annual membership fee. Register of Professional Members. 12. (1) The Agency shall maintain a register of its professional members, containing their- (a) name; (b) proof of identity; (c) contact details; (d) address; (e) date of enrolment and professional me .....

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porate insolvency resolution process where the professional member has been appointed as an interim resolution professional, or (d) any other person who has obtained the consent of the member for such inspection. VII. DUTIES OF MEMBERS 13. (1) In the performance of his functions, a professional member shall- (a) act in good faith in discharge of his duties as an insolvency professional; (b) endeavour to maximize the value of assets of the debtor; (c) discharge his functions with utmost integrity .....

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to disclose such information by law. 14. The Agency shall have a Code of Conduct that shall be consistent with, and that shall provide for all matters in the Code of Conduct as specified in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. VIII. MONITORING OF MEMBERS 15. The Agency shall have a Monitoring Policy to monitor the professional activities and conduct of professional members for their adherence to the provisions of the Code, rules, regulations .....

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cy shall provide for the following - (a) the frequency of monitoring; (b) the manner and format of submission or collection of information and records of the professional members, including by way of inspection; (c) the obligations of professional members to comply with the Monitoring Policy; (d) the use, analysis and storage of information and records; (e) evaluation of performance of members; and (f) any other matters that may be specified by the Governing Board. 19. The Monitoring Policy shal .....

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e period of his appointment; (c) the transactions conducted with third parties during the period of his appointment; and (d) the outcome of each appointment. IX. GRIEVANCE REDRESSAL MECHANISM 21. (1) The Agency shall have a Grievance Redressal Policy providing the procedure for receiving, processing, redressing and disclosing grievances against the Agency or any professional member of the Agency by- (a) any professional member of the Agency; (b) any person who has engaged the services of the con .....

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l Policy shall provide for- (a) the format and manner for filing grievances; (b) maximum time and format for acknowledging receipt of a grievance; (c) maximum time for the disposal of the grievance by way of dismissal, reference to the Disciplinary Committee or the initiation of mediation; (d) details of the mediation mechanism (e) provision of a report of the grievance and mediation proceedings to the parties to the grievance upon dismissal or resolution of the grievance; (f) action to be taken .....

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rt of law; or (d) suo moto, based on any information received by it. 24. (1) The Agency shall have a Disciplinary Policy, which shall provide for the following - (a) the manner in which the Disciplinary Committee may ascertain facts; (b) the issue of show-cause notice based on the facts; (c) disposal of show-cause notice by a reasoned order, following principles of natural justice; (d) timelines for different stages of disposal of show cause notice; and (e) rights and obligations of the parties .....

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to costs. (3) The Disciplinary Committee may pass an order for expulsion of a professional member if it has found that the professional member has committed- (a) an offence under any law for the time being in force, punishable with imprisonment for a term exceeding six months, or an offence involving moral turpitude; (b) a gross violation of the Code, rules, regulations and guidelines issued thereunder, bye-laws or directions given by the Governing Board which renders him not a fit and proper pe .....

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4, 96, 101 or 124 of the Code; (iv) contravening provisions of the Code inviting action in accordance with sections 71 or 187 of the Code; (v) aiding or abetting any activity which is actionable in accordance with Chapter VII of Part II or Chapter VII of Part III of the Code, (vi) providing unequal or differential treatment to the disadvantage of a party which cannot be justified with reference to the interests of the insolvency resolution, liquidation or bankruptcy process; or (vii) in any othe .....

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anel consisting of one independent director of the Agency, one member from amongst the persons of eminence having experience in the field of law, and one member nominated by the Board. (2) Any person aggrieved of an order of the Disciplinary Committee may prefer an appeal before the Appellate Panel within thirty days from the receipt of a copy of the final order. (3) The Appellate Panel shall dispose of the appeal in the manner it deems expedient, within thirty days of the receipt of the appeal. .....

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of thirty days from the date of application for temporary surrender, the name of the professional member shall be temporarily struck from the registers of the Agency, and the same shall be intimated to the Board. (2) No application for temporary surrender of professional membership of the Agency shall be accepted if- (a) there is a grievance or disciplinary proceeding pending against the professional member before the Agency or the Board, and he has not given an undertaking to cooperate in such .....

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ame of the professional member shall be re-inserted in the register of the Agency, and the same shall be intimated to the Board. Surrender of Professional Membership 27. (1) A professional member who wishes to surrender his membership of the Agency may do so by submitting an application for surrender of his membership. (2) Upon acceptance of such surrender of his membership, and completion of thirty days from the date of such acceptance, the name of the professional member shall be struck from t .....

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