Executive Summary:
This document contains the Insolvency and Bankruptcy Board of India (IBBI) Insolvency Professional Agencies Amendment Regulations, 2019. It amends the 2016 regulations, primarily concerning the annual fee payable by insolvency professional agencies to the Board. The regulations came into force on July 23, 2019, the date of their publication.
Key Points / Main Content:
Annual Fee Amendment:
* Regulation 5, sub-regulation 2, clause c of the 2016 regulations is amended.
* Insolvency professional agencies must pay an annual fee of five lakh rupees to the Board.
* The fee is due within fifteen days from the start of the financial year.
* No annual fee is payable in the financial year of initial registration or renewal.
* Late payment of the fee attracts simple interest at 12% per annum.
Illustration Examples:
* Provides examples for clarity on fee payment timelines, including initial registration and subsequent annual fees.
* Illustrates the calculation of interest for late fee payments.
Impact Analysis:
Insolvency Professional Agencies:
* Impact: Required to pay an annual fee of five lakh rupees, with specific timelines and potential interest for delays. Benefit from not paying a fee in the year of registration or renewal.
* Action Required: Ensure timely payment of the annual fee by the 15th of April each year, and be aware of interest charges for late payments.
Insolvency and Bankruptcy Board of India (IBBI):
* Impact: Responsible for receiving and managing the annual fees from insolvency professional agencies.
* Action Required: Implement processes for collecting fees, tracking payments, and charging interest on late payments.
Key Entities Referenced
Insolvency and Bankruptcy Board of India: A regulatory body in India that oversees insolvency proceedings and regulates insolvency professionals.
Insolvency and Bankruptcy Code, 2016: An act of the Parliament of India that consolidates the law relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner.
Insolvency Professional Agencies Regulations, 2016: Regulations established by the Insolvency and Bankruptcy Board of India governing Insolvency Professional Agencies.
Insolvency Professional Agencies Amendment Regulations, 2019: Amendments to the Insolvency Professional Agencies Regulations, 2016, issued by the Insolvency and Bankruptcy Board of India.
New Delhi: The location where the notification was issued. New Delhi, Delhi, India.
M. S. Sahoo: Chairperson of the Insolvency and Bankruptcy Board of India.
Gazette of India: A public journal and an authorized legal document of the Government of India, published weekly by the Department of Publication, Ministry of Housing and Urban Affairs.
October, 2018: Date of amendment to the Insolvency Professional Agencies Regulations.
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EXTRAORDINARY
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PART III—Section 4
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PUBLISHED BY AUTHORITY
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No. 259] NEW DELHI, TUESDAY, JULY 23, 2019/SHRAVANA 1, 1941
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अअअअििििधधधधससससचचूूचचूू ननननाााा
नई (cid:1)द(cid:3)ली, 23 जुलाई, 2019
भभभभााााररररततततीीीीयययय (cid:1)(cid:1)(cid:1)(cid:1)ददददववववााााललललाााा औऔऔऔरररर शशशशोोोोधधधधनननन अअअअ(cid:7)(cid:7)(cid:7)(cid:7)ममममतततताााा बबबबोोोोडडडड (cid:13)(cid:13) (cid:13)(cid:13)(((((cid:1)(cid:1)(cid:1)(cid:1)ददददववववााााललललाााा (cid:15)(cid:15)(cid:15)(cid:15)ााााववववससससााााििििययययकककक एएएएजजजजसस(cid:22)(cid:22)सस(cid:22)(cid:22) ीीीी)))) ((((ससससशशशशंंंं ोोोोधधधधनननन)))) ििििववववििििननननययययमममम,,,, 2222000011119999
फफफफाााा.सससस.ंंंं आआआआईईईई....बबबबीीीी....बबबबीीीी....आआआआईईईई..../2222000011119999----22220000/जजजजीीीी....एएएएनननन..../आआआआरररर....ईईईई....जजजजीीीी....000044444444....————भारतीय (cid:1)दवाला और शोधन अ(cid:9)मता बोड,(cid:15)
(cid:1)दवाला और शोधन अ(cid:9)मता संिहता, 2016 (2016 का 31) क(cid:17) धारा 240 के साथ प(cid:19)ठत धारा 196, धारा 199, धारा
200 और धारा 201 (cid:28)ारा (cid:29)द(cid:30) शि!य# का (cid:29)योग करते %ए, भारतीय (cid:1)दवाला और शोधन अ(cid:9)मता बोड (cid:15) ((cid:1)दवाला
’ावसाियक एजस* ी) िविनयमन, 2016 का और सशं ोधन करने के िलए िन,िलिखत िविनयम बनाता ह,ै अथा(cid:15)त:् -
1. (1) इन िविनयम# का संि(cid:9)1 नाम भारतीय (cid:1)दवाला और शोधन अ(cid:9)मता बोड (cid:15) ((cid:1)दवाला ’ावसाियक एजस* ी) (संशोधन)
िविनयम, 2019 ह ै।
(2) य ेराजप2 म *उनके (cid:29)काशन क(cid:17) तारीख को (cid:29)व(cid:30)ृ ह#गे ।
2. भारतीय (cid:1)दवाला और शोधन अ(cid:9)मता बोड (cid:15) ((cid:1)दवाला ’ावसाियक एज*सी) िविनयमन, 2016 के िविनयम 5 के
उप-िविनयम (2) म,* खंड (ग) के :थान पर िन,िलिखत खंड रखा जाएगा, अथा(cid:15)त:्–
“(ग) बोड (cid:15)को िव(cid:30)ीय वष(cid:15) (cid:29)ारंभ होन ेक(cid:17) तारीख से प=>ह (cid:1)दन के भीतर पांच लाख @पए क(cid:17) वाAषक फ(cid:17)स का संदाय करेगी:
पर=त ु उस िव(cid:30)ीय वष (cid:15) म*, िजसम* (cid:1)दवाला ’ावसाियक एजस* ी को यथाि:थित, रिज:Dीकरण या नवीकरण (cid:29)दान
(cid:1)कया जाता ह,ै वाAषक फ(cid:17)स सदं ये नहG होगी:
पर=त ु यह और (cid:1)क ऐसी (cid:1)कसी अ=य कार(cid:15)वाई पर (cid:29)ितकूल (cid:29)भाव डाले िबना, जो बोड,(cid:15) सिं हता के अधीन यथा-
अनुKेय, कर सकेगा, (cid:1)कसी (cid:1)दवाला ’ावसाियक एज*सी (cid:28)ारा फ(cid:17)स के संदाय म* (cid:1)कए गए (cid:1)कसी िवलबं को तब तक बारह
(cid:29)ितशत वाAषक दर पर साधारण Lयाज लगेगा, जब तक उसका संदाय नहG कर (cid:1)दया जाता ह ै।
दददद(cid:3)(cid:3)(cid:3)(cid:3)ृृृृ ााााततंंततंं
(क) जहां (cid:9)कसी (cid:9)दवाला (cid:15)ावसाियक एजस(cid:19) ी, रिज(cid:22)(cid:23)ीकरण के िलए आवेदन के साथ दस लाख (cid:30)पए क आवेदन फ स क
"ाि# के प$ात् तारीख 1 (cid:9)दस(बर, 2016 को रिज(cid:22)(cid:23)ीकृत क गई ह ै वहां िव2ीय वष4 2016-17 के िलए (cid:9)कसी अित7र8
फ स का संदाय (cid:9)कया जाना अपेि9त नह: ह ै । िव2ीय वष 4 2017-18 के िलए पांच लाख (cid:30)पए क वा>षक फ स तारीख
3757 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
1 अ"लै , 2017 को दये हो जाती ह ैऔर उसका संदाय 15 अ"ैल, 2017 तक करना होगा । इसी "कार, वह 1 अ"लै , 2018
को दये हो जाती ह,ै िजसका सदं ाय 15 अ"लै , 2018 तक करना होगा, 1 अ"लै , 2019 को दये हो जाती ह,ै िजसका सदं ाय
15 अ"लै , 2019 तक करना होगा, 1 अ"ैल, 2020 को दये हो जाती ह,ै िजसका सदं ाय 15 अ"लै , 2020 तक करना होगा
और 1 अ"ैल, 2021 को दये हो जाती ह,ै िजसका संदाय 15 अ"ैल, 2021 तक करना होगा । इसके प$ात्, (cid:9)दवाला
(cid:15)ावसाियक एजस(cid:19) ी पांच लाख (cid:30)पए क आवेदन फ स के साथ रिज(cid:22)(cid:23)ीकरण के नवीकरण के िलए आवेदन कर सकेगी । य(cid:9)द
नवीकरण अनुद2 (cid:9)कया जाता ह ैतो वष 42021-22 के िलए कोई वा>षक फ स नह: होगी ।
(ख) जहा ंवा>षक फ स का संदाय 20 अ"लै , 2017 को (cid:9)कया जाता ह ैवहां पांच (cid:9)दन के िवलबं के िलए बारह "ितशत वा>षक
दर पर Fयाज संदये होगा । ”
डॉ. एम. एस. साO, अPय(cid:9)
[िवKापन-III/4/असा./145/19]
(cid:24)(cid:24)(cid:24)(cid:24)टटटट(cid:26)(cid:26)(cid:26)(cid:26)पपपपणणणण :::: भारतीय (cid:1)दवाला और शोधन अ(cid:9)मता बोड (cid:15) ((cid:1)दवाला ’ावसाियक एजस* ी) िविनयमन, 2016, भारत के राजप2,
असाधारण, भाग III, खंड 4, स.ं 420, तारीख 22222 नवRबर, 2016 म * अिधसूचना सं. आई.बी.बी.आई.////
2016-17////जी.एन.////आर.ई.जी.002222, तारीख 21 नवRबर, 2016 (cid:28)ारा (cid:29)कािशत (cid:1)कए गए थे और इनम *बाद म* भारत
के राजप2, असाधारण, भाग 3, खंड 4, सं. 381, तारीख 11 अ!ूबर, 2018 म* अिधसूचना सं. आई.बी.बी.आई.////
2018-19////जी.एन.////आर.ई.जी.33, तारीख 11 अ!ूबर, 2018 (cid:28)ारा (cid:29)कािशत भारतीय (cid:1)दवाला और शोधन
अ(cid:9)मता बोड (cid:15)((cid:1)दवाला ’ावसाियक एजस* ी) (संशोधन) िविनयम, 2018 (cid:28)ारा संशोधन (cid:1)कया गया था ।
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 23rd July, 2019
Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) (Amendment)
Regulations, 2019
F.No. IBBI/2019-20/GN/REG044.—In exercise of the powers conferred by sections 196, 199, 200,
and 201 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and
Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and
Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016 namely:-
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency
Professional Agencies) (Amendment) Regulations, 2019.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016, in
regulation 5, in sub-regulation (2), for clause (c), the following clause shall be substituted, namely: -
“(c) pay an annual fee of five lakh rupees to the Board, within fifteen days from the date of
commencement of the financial year:
Provided that no annual fee shall be payable in the financial year in which an insolvency professional
agency is granted registration or renewal, as the case may be:
Provided further that without prejudice to any other action which the Board may take as permissible
under the Code, any delay in payment of fee by an insolvency professional agency shall attract simple interest
at the rate of twelve percent per annum until paid.
Illustration
(a) Where an insolvency professional agency is registered on 1st December, 2016 upon receipt of an
application fee of ten lakh rupees along with the application for registration, no further fee is required to be
paid for the financial year 2016-17. The annual fee of five lakh rupees becomes due on 1st April, 2017 and
shall be paid by 15th April, 2017 for the financial year 2017-18. It becomes similarly due on 1st April, 2018 to
be paid by 15th April, 2018, on 1st April, 2019 to be paid by 15th April, 2019, on 1st April, 2020 to be paid by¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
15th April, 2020 and on 1st April, 2021 to be paid by 15th April, 2021. Thereafter, the insolvency professional
agency may apply for renewal of registration along with an application fee of five lakh rupees. If renewal is
granted, there will be no annual fee for 2021-22.
(b) Where the annual fee is paid on 20th April, 2017, interest at the rate of twelve percent per annum shall be
paid for the delay of five days.”.
Dr. M. S. SAHOO, Chairperson
[ADVT.-III/4/Exty./145/19]
Note : The Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016
were published vide notification No. IBBI/2016-17/GN/REG002 on 21st November, 2016 in the
Gazette of India, Extraordinary, Part III, Section 4, No. 420 dated 21st November, 2016 and were
subsequently amended by the Insolvency and Bankruptcy Board of India (Insolvency Professional
Agencies) (Amendment) Regulations, 2018 vide notification No. IBBI/2018-19/GN/REG33 dated
11th October, 2018 in the Gazette of India, Extraordinary, Part III, Section 4, No. 381 dated
11th October, 2018.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.