The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred under Section 240 of the Insolvency and Bankruptcy Code, 2016 (Code), has notified today the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. These regulations inter alia provide for registration, regulation and oversight of insolvency professionals under the Code.\u00a0These Regulations shall come into effect from 29th November, 2016.<\/p>\n
The following categories of individuals are eligible for registration as an insolvency professional:<\/p>\n
\u00b7 Advocates, Chartered Accountants, Company Secretaries and Cost Accountants with 10 years\u2019 of post-membership experience (practice or employment) or a Graduate with 15 years\u2019 of post-qualification managerial experience, on passing the Limited Insolvency Examination, or<\/p>\n
\u00b7 Any other individual on passing the National Insolvency Examination.<\/p>\n
However, Advocates, Chartered Accountants, Company Secretaries and Cost Accountants with more than 15 years\u2019 of practice experience may seek registration, without any examination. But applications for such registration need to be made till 31st\u00a0December, 2016 and such registration shall be valid for a limited period of six months.<\/p>\n
There shall be a \u2018National Insolvency Examination\u2019 the details of which will be specified through regulations. There shall also\u00a0be \u2018Limited Insolvency Examination\u2019. The syllabus, format and frequency of the \u2018Limited Insolvency Examination\u2019, including qualifying marks, shall be published on the website of the Board at least one month before the examination.<\/p>\n
A limited liability partnership, a registered partnership firm and a company may be recognised as an insolvency professional entity if a majority of the partners of the limited liability partnership or registered partnership firm or a majority of the whole-time directors of the company are registered as insolvency professionals under the Code. An insolvency professional may use the organisational resources of a recognised insolvency professional entity subject to the condition that the entity as well as the insolvency professional shall be jointly and severally liable for all acts of omission or commission of its partners or directors as insolvency professionals.<\/p>\n
These regulations are available at\u00a0www.mca.gov.in<\/a>\u00a0and\u00a0www.ibbi.gov.in<\/a>.<\/p>\n Ministry of Corporate Affairs<\/p>\n \n","protected":false},"excerpt":{"rendered":" The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred under Section 240 of the Insolvency and Bankruptcy <\/p>\n","protected":false},"author":91,"featured_media":28141,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-87481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"\n