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**Report: Analysis of the Insolvency and Bankruptcy Board of India Insolvency Professionals Third Amendment Regulations, 2022**
**1. Executive Summary:**
This report analyzes the Insolvency and Bankruptcy Board of India (IBBI) Insolvency Professionals Third Amendment Regulations, 2022, which amends the Insolvency and Bankruptcy Board of India Insolvency Professionals Regulations, 2016. The core purpose of these amendments is to revise the fees and reporting requirements for insolvency professionals (IPs) and insolvency professional entities (IPEs). Key changes include increased fees for registration renewal, the introduction of a fee based on a percentage of professional fees earned, and the introduction of new reporting forms.
**2. Introduction:**
This report aims to provide a comprehensive overview of the Insolvency and Bankruptcy Board of India Insolvency Professionals Third Amendment Regulations, 2022 (hereinafter referred to as "the Amendment"), based solely on the information provided in the official gazette notification. The report will analyze the key changes introduced by the Amendment and their potential implications for insolvency professionals and related stakeholders.
**3. Policy Overview:**
* This is an amendment to the Insolvency and Bankruptcy Board of India Insolvency Professionals Regulations, 2016.
* **Core Objectives (Inferred):** The amendment seems designed to:
* Increase revenue for the IBBI through revised fee structures.
* Enhance regulatory oversight through new reporting requirements.
* Address specific operational aspects related to fees and reporting for IPEs.
**4. Background and Rationale:**
The Amendment addresses the fees paid by and reporting requirements of IPs and IPEs. The specific reason for the increase in fees and introduction of new fees can't be explicitly determined from the text itself. However, it is reasonable to infer that the increased fees are to help fund the IBBI, and the reporting requirements are designed to enhance transparency and accountability in the insolvency resolution process. The additional fees for IPEs seem to target revenue generation from entities, reflecting their presumably larger scale of operations.
**5. Key Provisions / Changes:**
The Amendment introduces the following key changes to the Insolvency and Bankruptcy Board of India Insolvency Professionals Regulations, 2016:
* **Regulation 6 (Subregulation 1):** The word "ten" is replaced with "twenty", implying a change relating to time period or quantity is being doubled. This could refer to an extension of timelines for some process or an increase in the quantity of something.
* **Regulation 7 (Subregulation 2):**
* **Clause c:** The fee for registration renewal (every five years) is increased. For individual IPs, it increases from an unspecified amount to twenty thousand rupees. For IPEs, a new fee of two lakh rupees is introduced. The payment deadline remains April 30th of the year the fee falls due. The illustration example clarifies that the first fee payment will occur after five years from the initial registration.
* **Clause ca:** The fee based on a percentage of professional fees earned is increased from "0.25 percent" to "one per cent". Additionally, IPEs are now explicitly required to pay this fee, calculated at one per cent of professional fees earned in the preceding financial year, along with a statement in Form G.
* **Clause cb:** A new clause is inserted requiring payment of a fee as specified under subregulation 2 of regulation 31A of Insolvency and Bankruptcy Board of India Insolvency Resolution Process for Corporate Persons Regulations, 2016. This fee is payable within thirty days after the end of each quarter or upon closure of the processes (whichever is earlier), along with a statement in Form EA.
* **Regulation 12 (Subregulation 2):** The words "fifty thousand" are replaced with "two lakh", indicating a quadrupling of some financial element.
* **Regulation 13 (Subregulation 2):**
* **Clause ca:** The fee based on a percentage of professional fees earned is increased from "0.25 percent" to "one per cent."
* A new proviso is added, clarifying that for IPEs registered as IPs, the services for the purpose of this subregulation shall not include the services rendered as an insolvency professional provided under third proviso to clause ca of subregulation 2 of regulation 7.
* **Second Schedule:**
* A new Form EA is introduced for reporting details of fees payable under Regulation 72cb. The form requires information on the corporate debtor, services rendered, expenses incurred, and amounts payable to the Board.
* Form G is substituted with a new version, requiring more detailed information on services rendered by IPEs under regulations 72ca and 132ca, including corporate debtor details, type of services, and fees earned.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders directly affected by these amendments are:
* Insolvency Professionals (IPs) - both individuals and entities.
* Insolvency Professional Entities (IPEs).
* The Insolvency and Bankruptcy Board of India (IBBI).
* Corporate Debtors and Creditors (indirectly affected due to the regulatory changes impacting the IPs).
**7. Implementation Aspects (Inferred):**
* **Responsible Agency:** The Insolvency and Bankruptcy Board of India (IBBI) is responsible for implementing and enforcing these amendments.
* **Timelines:**
* The amendments come into force on October 1st, 2022.
* The revised registration renewal fees are due on or before April 30th of the year they fall due, with the first payment after five years from the initial registration date.
* The fee based on a percentage of professional fees earned is payable on or before April 30th every year.
* The fees specified under regulation 31A are payable within thirty days after the end of each quarter or upon closure of the processes (whichever is earlier).
* **Procedures:** IPs and IPEs are required to submit statements in Form EA and Form G along with their fee payments.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes and impact of these amendments include:
* **Increased Revenue for IBBI:** The increased fees will likely provide more funding for the IBBI's operations.
* **Enhanced Transparency and Reporting:** The new reporting requirements (Forms EA and G) will provide the IBBI with more detailed information on the activities and financial performance of IPs and IPEs, improving oversight and accountability.
* **Increased Compliance Burden for IPs/IPEs:** The new and revised fee structures, along with the associated reporting requirements, will increase the compliance burden on IPs and IPEs.
* **Potential Impact on Professional Fees:** The changes could influence the fee structures and practices of IPs and IPEs.
* **Disproportionate Impact:** The text suggests the IPEs are being treated differently and are expected to contribute more revenue through the changes.
**9. Conclusion:**
The Insolvency and Bankruptcy Board of India Insolvency Professionals Third Amendment Regulations, 2022, introduce significant changes to the fee structure and reporting requirements for IPs and IPEs. These amendments, effective October 1st, 2022, aim to enhance regulatory oversight and financial resources of the IBBI, but they also increase the compliance burden on insolvency professionals. It increases transparency and introduces greater complexity in the insolvency framework. The long-term effects of these changes will depend on how they are implemented and how the affected stakeholders adapt to the new requirements.
Key Entities Referenced
Insolvency and Bankruptcy Board of India: A regulatory body in India responsible for overseeing insolvency proceedings and regulating insolvency professionals.
Insolvency and Bankruptcy Code, 2016: An Indian law that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner.
Insolvency Professionals Regulations, 2016: Regulations established by the Insolvency and Bankruptcy Board of India to govern the conduct and standards of insolvency professionals.
Insolvency Professionals Third Amendment Regulations, 2022: Amendments made in 2022 to the Insolvency Professionals Regulations, 2016 by the Insolvency and Bankruptcy Board of India.
Insolvency Resolution Process for Corporate Persons Regulations, 2016: Regulations pertaining to the insolvency resolution process for corporate entities, issued by the Insolvency and Bankruptcy Board of India.
New Delhi: The location where the notification was issued. New Delhi, Delhi, India.
September 20, 2022: Date of the notification.
Ravi Mital: Chairperson who approved the notification.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-21092022-238946
xxxGIDHxxx
CG-DL-E-21092022-238946
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 462] नई दिल्ली, मगं लवार, जसतम्ब र 20, 2022/भाद्र 29, 1944
No. 462] NEW DELHI, TUESDAY, SEPTEMBER 20, 2022/BHADRA 29, 1944
भारतीय दिवाला और िोधन अक्षमता बोड ड
अजधसचू ना
नई दिल्ली, 20 जसतम्बर, 2022
भारतीय दिवाला और िोधन अक्षमता बोडड (दिवाला व्यावसाजयक) (तीसरा सिं ोधन)
जवजनयम, 2022
आई.बी.बी.आई./2022-23/िी.एन./आर.ई.िी.097.—भारतीय दिवाला और िोधन अक्षमता बोडड, दिवाला और
िोधन अक्षमता संजिता, 2016 (2016 का 31) की धारा 240 के साथ पठित धारा 196, धारा 207 और धारा 208 द्वारा
प्रित्त िजियों का प्रयोग करते हुए, भारतीय दिवाला और िोधन अक्षमता बोड ड (दिवाला व्यावसाजयक) जवजनयमन, 2016
का और संिोधन करन े के जलए जनम्नजलजखत जवजनयम बनाता ि,ै अथाडत:् -
1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय दिवाला और िोधन अक्षमता बोड ड (दिवाला व्यावसाजयक) (तीसरा
संिोधन) जवजनयम, 2022 ि ै।
(2) य े1 अिूबर, 2022 स ेप्रवत्तृ िोंगे ।
2. भारतीय दिवाला और िोधन अक्षमता बोडड (दिवाला व्यावसाजयक) जवजनयमन, 2016 (जिन्ि ें इसमें इसके
पश्चात् “मलू जवजनयम” किा गया ि)ै के जवजनयम 6 के उप-जवजनयम (1) में, “िस” िब्ि के स्ट्थान पर “बीस”
िब्ि रखा िाएगा ।
3. मूल जवजनयमों के जवजनयम 7 के उप-जवजनयम (2) में, -
(क) खडं (ग) के स्ट्थान पर जनम्नजलजखत खंड रखा िाएगा, अथाडत्:-
6296 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
“(ग) यदि दिवाला व्यावसाजयक एक व्यजि ि ै तो बीस ििार रूपए की फीस या यदि दिवाला व्यावसाजयक एक
दिवाला व्यावसाजयक संस्ट्था ि ै तो िो लाख रुपए की फीस का संिाय उस वर्ड के पश्चात्, जिसमें प्रमाणपत्र
प्रिान दकया िाता ि,ै प्रत्येक पाचं वर्ड में बोडड को करेगा और ऐसी फीस का संिाय उस वर्ड की, जिसमें यि िेय
िोती ि,ै 30 अप्रैल को या उससे पूवड दकया िाएगा ।
ििृ ांत
ििां रजिस्ट्रीकरण वर् ड 2021-22 में, 2 फरवरी, 2022 को प्रिान दकया िाता ि ैविां फीस पांच वर्ों (2022-
23, 2023-24, 2024-25, 2025-26 और 2026-27) के पश्चात् 1 अप्रलै , 2027 को िेय िो िाएगी और वि
30 अप्रलै , 2027 को या उससे पूवड संिेय िोगी ।”
(ख) खंड (गक) में, -
(i) “0.25 प्रजतित” अंक, ििमलव और िब्ि के स्ट्थान पर “एक प्रजतित” िब्ि रखे िाएगं े ।
(ii) िसू रे परन्तुक के पश्चात ्जनम्नजलजखत अंतःस्ट्थाजपत दकया िाएगा, अथाडत्:-
“परन्तु यि और दक ििां दिवाला व्यावसाजयक एक दिवाला व्यावसाजयक संस्ट्था ि ै विां वि बोडड को, प्रत्येक
वर्ड के 30 अप्रैल को या उससे पूवड िसू री अनुसूची के प्ररूप छ में एक जववरणी सजित पूवडवती जवत्तीय वर्ड म ें
उसके द्वारा दिवाला व्यावसाजयक के रूप म ें प्रिान की गई सेवाओं के जलए अर्िडत व्यावसाजयक फीस के एक
प्रजतित की िर पर संगजणत फीस का संिाय करेगी । ”
(ग) खंड (गक) के पश्चात् जनम्नजलजखत खंड अतं ःस्ट्थाजपत दकया िाएगा, अथातड ्:-
“(गख) बोड ड को, िसू री अनुसूची के प्ररूप ङक में जववरणी सजित, प्रत्येक जतमािी की समाजप्त के पश्चात ् तीस
दिन की अवजध के भीतर या दिवाला समाधान प्रदिया के बन्ि िो िाने पर, इनम ें से िो भी पूवडतर िो,
भारतीय दिवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए दिवाला समाधान प्रदिया)
जवजनयमन, 2016 के जवजनयम 31क के उप-जवजनयम (2) के अधीन जवजनर्िडि फीस का संिाय करेगा ।
स्ट्पिीकरण: “जतमािी” से दकसी जवत्तीय वर्ड के िनवरी, अप्रलै , िलु ाई या अिूबर के प्रथम दिवस से प्रारंभ िोन े वाली
तीन मास की अवजध अजभप्रेत ि ै।”
4. मूल जवजनयमों के जवजनयम 12 के उप-जवजनयम (2) में, “पचास ििार” िब्िों के स्ट्थान पर “िो लाख” िब्ि रख े
िाएंगे ।
5. मूल जवजनयमों के जवजनयम 13 के उप-जवजनयम (2) के खंड (गक) में,-
(i) “0.25 प्रजतित” अंक, ििमलव और िब्ि के स्ट्थान पर “एक प्रजतित” िब्ि रखे िाएगं े ।
(ii) िसू रे परन्तुक के स्ट्थान पर. जनम्नजलजखत अंतःस्ट्थाजपत दकया िाएगा, अथाडत्:-
“परन्त ु यि और दक यदि दिवाला व्यावसाजयक संस्ट्था, दिवाला व्यावसाजयक के रूप म ें रजिस्ट्रीकृत ि ै तो इस
उप-जवजनयम के प्रयोिनाथड सवे ाओं के अंतगडत वे सेवाएं निीं आएगं ी िो जवजनयम 7 के उप-जवजनयम (2) के
खंड (गक) के तीसरे परन्तुक के अधीन उपबंजधत दिवाला व्यावसाजयक के रूप म ेंप्रिान की िाती ि।ैं ”
6. मूल जवजनयमों की िसू री अनुसूची में,-
(क) प्ररूप ङ के पश्चात,् जनम्नजलजखत प्ररूप अतं ःस्ट्थाजपत दकया िाएगा, अथाडत्:-
“प्ररूप ङक
[भारतीय दिवाला और िोधन अक्षमता बोड ड(दिवाला व्यावसाजयक) जवजनयमन, 2016 के जवजनयम 7(2)(गख) के अधीन]
सेवा में,
मिाप्रबंधक (आई.पी. प्रभाग)
भारतीय दिवाला और िोधन अक्षमता बोड ड
जवर्यः फीस की जववरणी[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
मिोिय/मिोिया
1. म ैं..........(नाम अतंःस्ट्थाजपत करें) कारपोरेट ऋणी-वार फीस का ब्यौरा जनम्नजलजखत रूप में प्रस्ट्ततु करता ह:ं-
(क) कारपोरेट ऋणी का नाम...........................
(ख) कारपोरेट ऋणी का कारपोरेट पिचान संखयांक/एल.एल.पी.आई.एन............
(ग) .........(ब्यौरे अंतःस्ट्थाजपत करें) को समाप्त जतमािी या प्रदिया बन्ि िोने की तारीख (तारीख अंतःस्ट्थाजपत
करें) के जलए
िम सं. आई.आर.पी./ आर.पी. की उपगत व्यय के ब्यौरै (आिाता का नाम व्यय के मद्ध े संित्त रकम
िजै सयत में प्रिान की गई सेवाएं और सेवा की प्रकृजत) (रूपए)
1
2
3
..
कुल
(ठटप्पण – प्रत्येक कारपोरेट ऋणी के जलए पथृ क् सारणी अतं ःस्ट्थाजपत की िाए)
2. जनम्नजलजखत रकमें बोड डको संिेय ि:ॆं
िम सं. दकस जवजनयम के अधीन संिेय रकम (रुपए)
1 जवजनयम 7(2)(गख)
2 जवजनयम 15 के अधीन, िो दक........से......तक का ब्याि ि ै
कुल
3. ऊपर परै ा 2 म ें जनकाली गई .........रुपए की धनराजि बोड डके खाते में ...........द्वारा िमा करा िी गई ि ै।
4. म.ैं.......(नाम अंतःस्ट्थाजपत करें) एतिद्वारा प्रजतज्ञान करता ह ंदक –
(i) इस जववरणी में अंतर्वडि सभी िानकारी सभी प्रकार से सत्य और सिी ि,ै और
(ii) इस जववरणी के प्रयोिनाथ डसुसंगत कोई भी ताजत्वक िानकारी जछपाई निीं गई ि।ै
(iii) मैं.....(नाम अंतःस्ट्थाजपत करें) .............(दिवाला व्यावसाजयक संस्ट्था का नाम अंतःस्ट्थाजपत करें) दिवाला व्यावसाजयक
संस्ट्था की ओर से यि प्ररूप प्रस्ट्तुत करने के जलए सम्यक् रूप स ेप्राजधकृत ह ं।
भविीय,
(आई.पी./आई.पी. के रूप म ेंरजिस्ट्रीकृत आई.पी.ई
स्ट्थान: के प्राजधकृत िस्ट्ताक्षरकता डका नाम)
तारीख: (आई.पी. रजिस्ट्रीकरण संखयांक)”4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(ख) प्ररूप छ के स्ट्थान पर जनम्नजलजखत प्ररूप रखा िाएगा, अथातड ्:-
“प्ररूप छ
[भारतीय दिवाला और िोधन अक्षमता बोड ड(दिवाला व्यावसाजयक) जवजनयमन, 2016 के जवजनयम 7(2)(गक) और
जवजनयम 13(2)(गक) के अधीन]
सेवा में,
मिाप्रबंधक (आई.पी. प्रभाग)
भारतीय दिवाला और िोधन अक्षमता बोड ड
जवर्यः दिवाला व्यावसाजयक संस्ट्था द्वारा प्रिान की गई सेवाओं की वार्र्डक जववरणी
मिोिय/मिोिया
भाग क – जवजनयम 7(2) (गक) के अधीन सवे ाओं के जलए
1. म ैं ..........(नाम अतं ःस्ट्थाजपत करें) जिसे इस प्रयोिनाथ ड सम्यक् रूप स े प्राजधकृत दकया गया ि ै ............(जवत्तीय वर् ड
अंतःस्ट्थाजपत करें) जवत्तीय वर्ड में.............(दिवाला व्यावसाजयक संस्ट्था का नाम अतं ःस्ट्थाजपत करें) दिवाला व्यावसाजयक
संस्ट्था की ओर से जनम्नजलजखत रूप म ेंवार्र्डक जववरणी प्रस्ट्तुत करता हं:-
िम कारपोरेट ऋणी/ कारपोरेट ऋणी का दकसी कारपोरेट दिवाला समाधान प्रदिया वर्ड में प्रिान
सं. प्रत्याभूजतिाता का कारपोरेट पिचान म ें आई.आर.पी./आर.पी./कारपोरेट दिवाला की गई
नाम संखयांक/एल.एल.पी.आई. समाधान प्रदिया में प्राजधकृत प्रजतजनजध/ सेवाओं मद्ध े
रकम (रुपयों
एन./ प्रत्याभूजतिाता का
पठरसमापक/व्यजियों के जलए दिवाला
में)
पिचान संखयांक
समाधान में आर.पी./ िोधन अक्षमता
न्यासी/अन्य, यदि कोई ि ै के रूप म ें प्रिान
की गई सेवाए ं
1
2
3
..
कुल
भाग ख – जवजनयम 13(2)(गक) के अधीन सवे ाओं के जलए
2. म ैं ..........(नाम अतंःस्ट्थाजपत करें) जिसे इस प्रयोिनाथ ड सम्यक् रूप स े प्राजधकृत दकया गया ि ै ............(जवत्तीय वर् ड
अंतःस्ट्थाजपत करें) जवत्तीय वर्ड में..................(दिवाला व्यावसाजयक संस्ट्था का नाम अंतःस्ट्थाजपत करें) दिवाला
व्यावसाजयक संस्ट्था की और से फीस की वार्णडक जववरणी जनम्नजलजखत रूप म ेंप्रस्ट्ततु करता हं:-
िम सं. कारपोरेट ऋणी/ कारपोरेट ऋणी उस आई. पी. का नाम जिसने आई. प्रिान की गई वर्ड में प्रिान की
प्रत्याभूजतिाता का कारपोरेट आर.पी./आर.पी./ पठरसमापक/ िोधन सेवाओं के गई सेवाओं मद्ध े
का नाम पिचान संखयांक/ अक्षमता न्यासी/अन्य, यदि कोई िै, के रूप प्रकार का रकम (रुपयों में)
संजक्षप्त
एल.एल.पी.आई.
में सेवा प्रिान की ि ै
जववरण
एन./
प्रत्याभूजतिाता
का पिचान
संखयांक
1
2
3
..
कुल[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5
3. जनम्नजलजखत रकमें बोड डको संिेय िॆं:
िम सं. दकस जवजनयम के अधीन संिेय रकम
(रुपए)
1 जवजनयम 7(2)(गक)
2 जवजनयम 13(2)(गक)
3 जवजनयम 15 के अधीन, िो दक........से......तक का ब्याि ि ै
कुल
4. ऊपर परै ा 3 म ें जनकाली गई .........रुपए की धनराजि बोड डके खाते में ...........द्वारा िमा करा िी गई ि ै।
5. म.ैं.......(नाम अंतःस्ट्थाजपत करें) एतिद्वारा प्रजतज्ञान करता ह ंदक –
(i) इस जववरणी में अंतर्वडि सभी िानकारी सभी प्रकार से सत्य और सिी ि,ै और
(ii) इस जववरणी के प्रयोिनाथ डसुसंगत कोई भी ताजत्वक िानकारी जछपाई निीं गई ि।ै
(iii) मैं.....(नाम अंतःस्ट्थाजपत करें) .............(दिवाला व्यावसाजयक संस्ट्था का नाम अंतःस्ट्थाजपत करें) दिवाला व्यावसाजयक
संस्ट्था की ओर से यि प्ररूप प्रस्ट्तुत करने के जलए सम्यक् रूप स ेप्राजधकृत ह ं।
प्राजधकृत िस्ट्ताक्षरकता ड
(नाम)
(पिनाम)
(दिवाला व्यावसाजयक संस्ट्था का नाम.......)
(दिवाला व्यावसाजयक संस्ट्था का मान्यता संखयांक......)
(दिवाला व्यावसाजयक संस्ट्था का रजिस्ट्रीकरण संखयांक......)
स्ट्थान:
तारीख: ”
रजव जमत्तल अध्यक्ष
[जवज्ञापन-III/4/असा./283/2022-23]
ठटप्पण: भारतीय दिवाला और िोधन अक्षमता बोडड (दिवाला व्यावसाजयक) जवजनयमन, 2016, भारत के रािपत्र, असाधारण,
भाग 3, खंड 4, सं. 424, तारीख 23 नवम्बर, 2016 म ें अजधसूचना स.ं आई.बी.बी.आई./2016-
17/िी.एन./आर.ई.िी.003, तारीख 23 नवम्बर, 2016 द्वारा प्रकाजित दकए गए थे और उनमें अजं तम संिोधन भारत के
रािपत्र, असाधारण, भाग 3, खंड 4, सं. 449 तारीख 13 जसतम्बर, 2022 म ें अजधसूचना सं. आई.बी.बी.आई./2022-
23/िी.एन./आर.ई.िी.092, तारीख 13 जसतम्बर, 2022 द्वारा प्रकाजित भारतीय दिवाला और िोधन अक्षमता बोडड
(दिवाला व्यावसाजयक) (िसू रा संिोधन) जवजनयम, 2022 द्वारा दकए गए ।6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 20th September, 2022
Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Third Amendment) Regulations, 2022
No. IBBI/2022-23/GN/REG097.—In exercise of the powers conferred by sections 196, 207 and 208 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 Professionals) Regulations, 2016, namely: -
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals)
(Third Amendment) Regulations, 2022.
(2) They shall come into force with effect from 1st October, 2022.
2. In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (hereinafter
referred to as ‘the principal regulations’), in regulation 6, in sub-regulation (1), for the words “ten”, the words
“twenty” shall be substituted.
3. In the principal regulations, in regulation 7, in sub-regulation (2),
(a) for clause (c), the following shall be substituted, namely:-
“(c) pay to the Board, a fee of twenty thousand rupees, in case the insolvency professional is an individual or
a fee of two lakh rupees, in case the insolvency professional is an insolvency professional entity, every five
years after the year in which the certificate is granted and such fee shall be paid on or before the 30th April of
the year it falls due.
Illustration
Where registration is granted on 2nd February, 2022 in the year 2021-22, the fee shall become due on 1st
April, 2027, after five years (2022-23, 2023-24, 2024-25, 2025-26 and 2026-27) and it shall be paid on or
before the 30th April, 2027.”
(b) in clause (ca),
(i) for the decimal, number and word “0.25 percent”, words “one per cent.” shall be substituted.
(ii) after second proviso, the following shall be inserted, namely:-
“Provided further that where the insolvency professional is an insolvency professional entity, it shall pay to
the Board, a fee calculated at the rate of one per cent. of professional fee earned for the services rendered as
an insolvency professional in the preceding financial year on or before the 30th day of April every year,
along with a statement in Form G of the Second Schedule.”
(c) after clause (ca), the following sub-clause shall be inserted, namely:-
“(cb) pay to the Board, a fee specified under sub-regulation (2) of regulation 31A of Insolvency and Bankruptcy
Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, within a period of
thirty days, after end of each quarter or upon closure of the processes whichever is earlier, along with a
statement in Form EA of the Second Schedule.
Explanation: “quarter” means the period of three months commencing on the first day of January. April, July or
October of a financial year.”
4. In the principal regulations, in regulation 12, in sub-regulation (2), for the words “fifty thousand”, the words “two
lakh” shall be substituted.
5. In the principal regulations, in regulation 13, in sub-regulation (2), in clause (ca),
(i) for the decimal, number and word “0.25 percent”, the words “one per cent.” shall be substituted.
(ii) after second proviso, the following proviso shall be inserted, namely:-
“Provided further that in case the insolvency professional entity is registered as an insolvency professional,
the services for the purpose of this sub-regulation shall not include the services rendered as an insolvency
professional provided under third proviso to clause (ca) of sub-regulation (2) of regulation 7.”[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 7
6. In the principal regulations, in the Second Schedule,
(a) after the Form E, the following form shall be inserted, namely:-
“FORM EA
[Under Regulation 7(2)(cb) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations,
2016]
To
The General Manager (IP Division)
Insolvency and Bankruptcy Board of India
Subject: Statement of Fee
Sir / Madam,
1. , [Insert name] hereby submit the corporate debtor-wise details of fee, as under:-
(a) Name of Corporate Debtor: ___________________________
(b) Corporate Identification Number / LLP IN of Corporate Debtor: _______________
(c) For quarter ended on [Insert Details] or date [Insert Date] of closure of process.
Sl. Services rendered in the capacity of Details of expense incurred (name Amount paid towards the
No. IRP / RP of payee and nature of service) expense (Rs.)
1
2
3
…
Total
(Note – Separate table to be inserted for each corporate debtor)
2. The following amounts are payable to the Board:
Sl. No. Under regulation Amount Payable (Rs.)
1 Regulation 7(2)(cb)
2 Regulation 15, being interest from … to …..
Total
3. A sum of Rs. …, as worked out in Para 2 above, has been deposited into the account of the Board, vide….. ..
4. I, [insert name], hereby affirm that –
(i) all information contained in this statement is true and correct in all material respects, and
(ii) no material information relevant for the purpose of this statement has been suppressed.
(iii) I, [Insert Name], am duly authorised to submit this form on behalf of the insolvency professional
entity [Insert name of the insolvency professional entity].
Yours faithfully,
Place: (Name of IP / Authorised Signatory of IPE registered as IP)
Date: (IP Registration Number) ”8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(b) for the Form G, the following form shall be substituted, namely:-
“Form G
[Under Regulation 7(2)(ca) and 13(2)(ca) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals)
Regulations, 2016]
To
The General Manager (IPE Division)
Insolvency and Bankruptcy Board of India
Subject: Annual statement of services rendered by an insolvency professional entity
Sir / Madam,
Part A – For services under regulation 7(2)(ca)
1. I, [Insert name], being duly authorised for the purpose, hereby submit the annual statement for the insolvency
professional entity [Insert name of the insolvency professional entity] in the financial year [Insert financial
year], as under:
Sl. No. Name of Corporate Services rendered as (IRP / RP in a Amount towards
Corporate Identification Corporate Insolvency Resolution services rendered in
Debtor / Number / LLPIN of Process / Authorised Representative in the year (In Rs.)
Guarantor Corporate Debtor / a Corporate Insolvency Resolution
Identification Process/ Liquidator / RP in Insolvency
Number of Resolution for Individuals/ Bankruptcy
Guarantor Trustee / Other, if any)
1
2
3
…
Total
Part B – For services under regulation 13(2)(ca)
2. I, [Insert name], having been duly authorised for the purpose, hereby submit the annual statement for the
insolvency professional entity [Insert name of the insolvency professional entity] in the financial year [Insert
financial year], as under:
Sl. No. Name of Corporate Identification Name of IP who rendered Broad Amount towards
Corporate Number / LLPIN of services as IRP / RP / description of services rendered
Debtor / Corporate Debtor / Liquidator / Bankruptcy kind of service in the year (In
Guarantor Identification Number of Trustee / Other, if any rendered Rs.)
Guarantor
1
2
3
…
Total[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 9
3. The following amounts are payable to the Board:
SI. No. Under regulation Amount Payable (Rs.)
1 Regulation 7(2)(ca)
2 Regulation 13(2)(ca)
3 Regulation 15, being interest from … to …..
Total
4. A sum of Rs.…, as worked out in Para 3 above, has been deposited into the account of the Board, vide…....
5. I, [insert name], hereby affirm that –
(i) all information contained in this statement is true and correct in all material respects and
(ii) no material information relevant for the purpose of this statement has been suppressed.
(iii) I, [Insert Name], am duly authorised to submit this form on behalf of the insolvency professional
entity [Insert name of the insolvency professional entity].
Authorised Signatory
(Name)
(Designation)
(Name of the Insolvency Professional Entity--------)
(Recognition Number of the Insolvency Professional Entity----)
(Insolvency Professional Registration Number -----------)
Place:
Date :….”
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./283/2022-23]
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 last amended by the Insolvency
and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2022
published vide Notification No. IBBI/2022-23/GN/REG092 dated 13th September, 2022 in the Gazette of
India, Extraordinary, Part III, Section 4, No. 449 on 13th September, 2022.
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.