Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

MODEL BYE-LAWS OF AN INSOLVENCY PROFESSIONAL AGENCY

SCHEDULE - Regulation - Schedules - Insolvency and Bankruptcy - 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 ________ [provide full address]. 3. These bye-laws may not be amended, except in accordance with the Insolvency .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tion 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 defined in these bye-laws shall have the meanings assigned to them in the Code. III. OBJECTIVES 5. (1) The Agenc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 members; (d) develop the profession of insolvency professionals; (e) promote continuous professional developm .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

opment 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 such members as it deems fit; (b) a Monitoring Committee consisting of such members as it deems fit; (c) on .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 enrolment as a professional member by submitting an application in such form, in such manner and with such fees as .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ject 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, excluding the time given for removing the deficiencies or presenting additional documents or clarification by the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ceipt 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 membership number; (f) date of registration with the Board and registration number; (g) details of grievance .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tion 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 and objectivity; (d) be independent and impartial; (e) discharge his functions with the highest standards .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 and guidelines issued thereunder, these bye-laws, the Code of Conduct and directions given by the Governi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ion 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 shall - (a) have due regard for the privacy of members, (b) provide for confidentiality of information receive .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

pointment; 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 concerned professional members of the Agency; or (c) any other person or class of persons as may be provided .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

or 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 in case of malicious or false complaints; (g) maintenance of a register of grievances made and resolution .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

plinary 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 to the proceedings. (2) The orders that may be passed by the Disciplinary Committee shall include- (a) exp .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s 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 person to continue acting as an insolvency professional. Explanation: The violations referred to in sub-clau .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 other case it deems fit. (4) Any order passed by the Disciplinary Committee shall be placed on the website of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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. XI. SURRENDER OF PROFESSIONAL MEMBERSHIP AND EXPULSION FROM PROFESSIONAL MEMBERSHIP Temporary Surrender o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

hall 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 proceeding; or (b) the professional member has been appointed as a resolution professional, liquidator or .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ntimated 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 the registers of the Agency, and the same shall be intimated to the Board. 28. Any fee that is due to the A .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version