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REGISTRATION OF INSOLVENCY PROFESSIONAL WITH THE INSOLVENCY & BANKRUPTCY BOARD OF INDIA

Corporate Laws / Banking / SEBI - By: - Mr. M. GOVINDARAJAN - Dated:- 16-4-2018 - Introduction The Insolvency and Bankruptcy Board of India ( Board for short) made a regulation called as Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 ( Regulations for short) which came into effect from 29.11.2016. The Board prescribes the procedure in these regulations for registration of insolvency professionals with the Board. Regulation 4 prescribes the eligibility to be .....

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ations, along with a non-refundable application fee of ten thousand rupees to the Board. The Board shall acknowledge an application made under this Regulation within seven days of its receipt. The Board may require the applicant to submit, within reasonable time, additional documents, information or clarification that it deems fit. The Board may require the applicant to appear, within reasonable time, before the Board in person, or through his authorized representative for clarifications require .....

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appearing in person, as the case may be. The registration shall be subject to the conditions that the insolvency professional shall- at all times abide by the Code, rules, regulations, and guidelines there under and the bye-laws of the insolvency professional agency with which he is enrolled; at all times continue to satisfy the requirements under Regulation 4; undergo continuing professional education, as may be required by the Board; not outsource any of his duties and responsibilities under .....

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another, after receiving no objection from both the concerned insolvency professional agencies; take adequate steps for redressal of grievances; maintain records of all assignments undertaken by him under the Code for at least three years from the completion of such assignment; abide by the Code of Conduct specified in the First Schedule to these Regulations; and abide by such other conditions as may be imposed by the Board. Refusal to grant registration Regulation 8 provides for refusal to gran .....

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rty five days of receipt of the application, excluding the time given by the Board for presenting additional documents, information or clarifications, or appearing in person, as the case may be. After considering the explanation, if any, given by the applicant, the 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 thirty days of receipt of the explanation. Till this tim .....

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on the Board under regulation 8(3)(b) of the Regulations. Therefore, the Board rejected the application for registration as an Insolvency Professional. The Board further held that it would expect the IIIPI, which is a front-line regulator, to exercise the required due diligence in future while enrolling an individual as a member and recommending to the Board his registration as an IP. Order dated 14.11.2017 - In this case the application was recommended by the IIIPI to the Board on 09.08.2017 f .....

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ecided this to be technical offence and do not involve moral turpitude. The Board considered the application, the recommendation of the IIIPI, the acceptance of the grounds for rejection of application of the applicant and material available on records. The Board held that he is not a fit and proper person for registration as insolvency professional. The Board rejected the application. Order dated 26.02.2018 - In this case a criminal case was pending against the applicant in which the complainan .....

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