TMI BlogInsolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2019X X X X Extracts X X X X X X X X Extracts X X X X ..... Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (hereinafter referred to as the principal regulations), in regulation 13 , in sub-regulation (2), after clause (ca), the following clause shall be inserted, namely:- (cb) submit to the Board, by 15th day of October every year, a compliance certificate in Form H, for the preceding financial year: Provided that an insolvency professional entity recognised as on 31st March, 2019 shall submit to the Board, by 31st December 2019, a compliance certificate in Form H for the financial year 2018-19. . 3. In the principal regulations , in the Second Schedule, for Form A, the following Form shall be substituted, namely: - FORM A [ Under regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 ] To The Executive Director (IP Division) Insolvency and Bankruptcy Board of India Subject: Application for registration as an insolvency professional. Sir / Madam, I, having been enrolled as a professiona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ii) Professional Qualifications [in terms of regulation 5(c)(iv) of IP Regulations] Sl. No. Professional qualification Institute/professional body Membership No. / Enrolment No. (as applicable) Date of registration/enrolment Remarks, if any (1) (2) (3) (4) (5) (6) (iii) Insolvency Examination ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( dd-mm-yyyy ) Employment Practice Area of work Name and Address of Employer Designation Advocate /CA /CS/ CMA Name of Firm and Firm Registration Number, if applicable (1) (2) (3) (4) (5) (6) (7) (8) D. ADDITIONAL INFORMATION 1. Have you ever been convicted of an offence? ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... untant registered with the Institute of Chartered Accountants of India; (ii) a company secretary registered with the Institute of Company Secretaries of India; (iii) a cost accountant registered with the Institute of Cost Accountants of India; or (iv) an advocate enrolled with the Bar Council. 7. Copies of certificate of employment from the employer(s), specifying the period of such employment 8. Financial statements / Income-tax Returns for the last three years. 9. Copy of certificate of professional membership with an insolvency professional agency and /or Registered Valuer Organisation 10. Evidence of deposit / payment of fee, along with GST, as required under regulation 6(1) of IP Regulations 11.Details of information with respect to conviction, criminal proceedings, insolvency/bankruptcy order, disciplinary proceedings/actions and any other additional information relevant for the application, as may be applicable (including brief facts, copy of relevant orders and present status thereof) as separate enclosures. VERIFICATION BY THE INSOLVENCY PROFESSIONAL AGENC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cument 8 Whether the professional member has been convicted of any offence? Yes/No If Yes, give details and supporting document We have verified the details submitted by (name of the applicant) who is our professional member with (membership no.) and confirm that these are correct and complete to the best of our knowledge and belief. We recommend registration of (name of the applicant) as an insolvency professional with IBBI. (Name and Signature) Authorised Officer of the Insolvency Professional Agency (Seal of the Insolvency Professional Agency) Place: Date: . 4. In the principal regulations , in the Second Schedule, for Form C , the following Form shall be substituted, namely: - FORM C [ Under regulation 12 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 ] To The Executive Director (IPE Division) Insolvency and Bankruptcy Board of India (IBBI) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Whole Time Director (Yes / No) (1) (2) (3) (4) (5) (6) (7) (8) (9) C. ELIGIBILITY [in terms of Regulation 12 (1) of IP Regulations] 1. Sole objective of the applicant as per its constitutional document [ Description of the sole objective ]: 2. Net worth of the applicant as on .. (Date should not be earlier than more 90 days from the date of application): (i) Amount: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicable (1) (2) (3) (4) (5) (6) (7) 5. Whether the applicant was at any time in the past derecognised as an insolvency professional entity. (Yes/No) If yes, please furnish the date of derecognition and ground for derecognition. 6. Whether any disciplinary pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FORM F [ Under regulation 13 (2) (b) and 13 (2) (c) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 ] To The Executive Director (IPE Division) Insolvency and Bankruptcy Board of India Subject: Information of cessation/joining of a Director / Partner in an insolvency professional entity. Sir / Madam, I, [Insert name], being duly authorised for the purpose, submit the following information in compliance with sub-regulation (2)(b) and/or (2)(c) of regulation 13 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016:- A. Details of the IPE (a) Name of the IPE: (b) Date of Recognition by the Board: (c) Recognition Number: (c) E-mail address registered with the Board: (d) Name and Designation of Authorised Signatory: B. Details of director/partner who ceased to be a director/partner of the IPE Description Particulars ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... If yes, IP Registration Number Yes / No If yes, IP Registration Number (1) (2) (3) (4) (5) (6) (7) (8) (9) AFFIRMATION I, on behalf of [name of the IPE], hereby affirm that- (i) I am submitting the above information within seven days of the cessation or joining of partner or director, as the case may be, in IPE; (ii) None of the directors or partners, as the case may be, of the IPE is a partner or director of another IPE; and 2. I, on behalf of [name of the insolvency professional entity], hereby declare that all informatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs faithfully, (Name of Director / Partner). . 6. In the principal regulations , in the Second Schedule, after Form G , the following form shall be inserted, namely: - FORM H [ Under regulation 13(2) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 ] To The Executive Director (IPE Division) Insolvency and Bankruptcy Board of India Subject: Compliance Certificate under sub-regulation 2 (cb) of regulation 13 of Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. Sir / Madam, I, [ name of the authorised signatory ], having been authorised for the purpose, on behalf of [name of insolvency professional entity] with [recognition number of the insolvency professional entity], hereby affirm that the insolvency professional entity has (a) at all times complied with clauses (a) to (g) of sub-regulation (1) of regulation 12; and (b) complied with clauses (b) to (ca) of sub-regulation (2) of regulation 13 of the Insolvency and Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PE Recognition Number) Place: Date: ATTACHMENTS Certificate of net worth, (as at the end of last financial year) of IPE, issued by a Chartered Accountant along with copy of audited financial statements of the IPE, at the end of last financial year. . Dr. M. S. SAHOO, Chairperson [ADVT .-III/4/Exty./254/19] Note: The Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 were published vide notification No. IBBI/2016-17/GN/REG003 dated 23rd November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 424 on 23rd November, 2016 and were subsequently amended by- (1) The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018 published vide notification No. IBBI/2017-18/GN/REG027 dated 27th March, 2018 in Gazette of India, Extraordinary, Part III, Section 4, No. 125 on 28th March, 2018; (2) The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2018 published vide notification No. IBBI/2018-19/G ..... X X X X Extracts X X X X X X X X Extracts X X X X
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