## Report on the Insolvency and Bankruptcy Board of India Insolvency Professionals Fourth Amendment Regulations, 2022
**1. Executive Summary:**
This report analyzes the Insolvency and Bankruptcy Board of India (IBBI) Insolvency Professionals Fourth Amendment Regulations, 2022. The core purpose of this amendment, as inferred from the text, is to incorporate and regulate "insolvency professional entities" alongside individual insolvency professionals. Key findings include the introduction of eligibility criteria, application procedures, and operational guidelines specifically for these entities, aiming to strengthen the insolvency resolution process.
**2. Introduction:**
This report aims to provide a comprehensive overview of the Insolvency and Bankruptcy Board of India (IBBI) Insolvency Professionals Fourth Amendment Regulations, 2022, based solely on the text of the provided notification. The analysis focuses on understanding the changes introduced and their potential implications.
**3. Policy Overview:**
This document constitutes an amendment to the Insolvency and Bankruptcy Board of India Insolvency Professionals Regulations, 2016. The core objective of this amendment, as inferred from the provided text, is to broaden the scope of entities eligible to act as insolvency professionals by including "insolvency professional entities" alongside individual professionals. This suggests a move to allow firms and other collective structures to participate more directly in the insolvency resolution process.
**4. Background and Rationale:**
The amendment likely stems from a need to enhance the capacity and expertise available for insolvency proceedings. Allowing insolvency professional entities to register allows for a pooling of resources and potentially more robust operational structures. The requirement for these entities and their key personnel (partners/directors) to meet fit and proper person criteria suggests a focus on maintaining integrity and competence within the profession as it expands to include these entities.
**5. Key Provisions / Changes:**
This amendment introduces several key changes to the Insolvency and Bankruptcy Board of India Insolvency Professionals Regulations, 2016, primarily centered around the inclusion of "insolvency professional entities":
* **Eligibility for Registration (Regulation 4):** The amendment states that no insolvency professional entity recognized by the Board under regulation 13 shall be eligible to be registered as an insolvency professional, if the entity and/or any of its partner or director, as the case may be, is not a "fit and proper person" as defined under the existing regulations. This introduces a specific requirement for entities and their leadership to meet the same suitability standards as individual professionals. The *effect* of this change is to extend due diligence to the entity and its key personnel.
* **Application Procedure (Regulation 6):** A new sub-regulation (1A) is inserted, outlining that an eligible insolvency professional entity can apply to the Board in Form AA of the Second Schedule, accompanied by a non-refundable application fee of two lakh rupees. This establishes a formal process for entities to seek registration, including a specified application form and fee.
* **Operational Guidelines (Regulation 7):** The amendment includes provisions specifying that if an insolvency professional entity acts as an insolvency professional, only a partner or director holding a valid authorization for assignment can sign and act on its behalf. Additionally, clauses relating to certain requirements do not apply to an insolvency professional which is insolvency professional entity. This clarifies the operational framework for these entities, ensuring accountability and appropriate oversight.
* **Governance (Regulation 9):** It states that in case the insolvency professional entity is a company, majority of its equity shares and voting rights are held by insolvency professionals, who are its directors. This implies that insolvency professionals should hold a significant portion of the entity.
* **Notification to Insolvency Professional Agency (Regulation 10):** The amendment adds a proviso stating that if an insolvency professional entity is enrolled with an insolvency professional agency, any intimation under this clause shall also be made to such insolvency professional agency to update its register of professional members. This helps in maintaining records of the entities with the professional agencies.
* **Form AA (Second Schedule):** A new "Form AA" is added to the Second Schedule, outlining the specific information required for entities applying for registration as insolvency professionals. This provides a standardized format for applications, including details about the entity's structure, affiliations, and compliance with existing regulations.
**6. Target Audience and Stakeholders:**
The primary target audience includes:
* Firms or other organizations seeking to become registered as insolvency professional entities.
* Existing insolvency professionals who may wish to form or join such entities.
* The Insolvency and Bankruptcy Board of India (IBBI) as the regulator responsible for implementing and overseeing these changes.
* Insolvency Professional Agencies that the insolvency professional entity is enrolled with.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency:** The IBBI is the primary responsible body for implementing and enforcing these regulations.
* **Procedures:** Entities seeking registration must follow the application procedure outlined in Regulation 6 and submit Form AA with the required fee.
* **Timelines:** The regulations come into force on the date of publication in the Official Gazette (September 28, 2022).
**8. Expected Outcomes / Impact of Changes:**
The intended outcomes of these changes likely include:
* Increased participation of firms and organizations in insolvency proceedings, potentially leading to greater capacity and expertise in the field.
* More robust and scalable insolvency resolution processes due to the involvement of entities with greater resources and support structures.
* Enhanced oversight and accountability through the "fit and proper person" requirements extended to entities and their key personnel.
* A more structured and regulated environment for insolvency professionals, with clear guidelines for entities operating in this space.
**9. Conclusion:**
The Insolvency and Bankruptcy Board of India Insolvency Professionals Fourth Amendment Regulations, 2022, represent a significant step towards expanding the scope of entities eligible to participate in the insolvency resolution process. By incorporating "insolvency professional entities," the amendment aims to enhance capacity, improve operational efficiencies, and strengthen the overall regulatory framework for insolvency professionals. The key changes outlined in this report highlight the new eligibility criteria, application procedures, and operational guidelines that these entities must adhere to.
Key Entities Referenced
New Delhi: Location where the notification was issued.
Insolvency and Bankruptcy Board of India: The regulatory body issuing the notification.
Insolvency and Bankruptcy Code, 2016: The legal framework under which the regulations are being amended.
Insolvency and Bankruptcy Board of India Insolvency Professionals Fourth Amendment Regulations, 2022: The title of the regulation being introduced.
Insolvency and Bankruptcy Board of India Insolvency Professionals Regulations, 2016: The principal regulations being amended.
Insolvency Professional Agency: An agency that enrolls insolvency professionals.
Insolvency Professional Entity: An entity recognised by the board under regulation 13
Form AA: Form for application of registration as an insolvency professional under Regulation 6 1A
Insolvency Professionals Third Amendment Regulations, 2022: Previous amendment to the Insolvency and Bankruptcy Board of India Insolvency Professionals Regulations, 2016.
Ravi Mital: Chairperson who authorized the notification
Mayapuri, New Delhi: Location of the Government of India Press
Delhi: Location of the Controller of Publications
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-29092022-239202
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CG-DL-E-29092022-239202
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ऄसाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 472] नइ ददल्ली, बुधवार, जसतम्ब र 28, 2022/अजव न 6, 1944
No. 472] NEW DELHI, WEDNESDAY, SEPTEMBER 28, 2022/ASVINA 6, 1944
भारतीय ददवाला और िोधन ऄक्षमता बोड ड
ऄजधसचू ना
नइ ददल्ली, 28 जसतम्बर, 2022
भारतीय ददवाला और िोधन ऄक्षमता बोडड (ददवाला व्यावसाजयक) (चौथा सिं ोधन) जवजनयम, 2022
स.ं अइ.बी.बी.अइ./2022-23/जी.एन./अर.इ.जी.099.—भारतीय ददवाला और िोधन ऄक्षमता बोडड, ददवाला
और िोधन ऄक्षमता संजहता, 2016 (2016 का 31) की धारा 240 के साथ पठित धारा 196, धारा 207 और धारा 208
द्वारा प्रदत्त िजियों का प्रयोग करते हुए, भारतीय ददवाला और िोधन ऄक्षमता बोडड (ददवाला व्यावसाजयक) जवजनयमन,
2016 का और संिोधन करने के जलए जनम्नजलजखत जवजनयम बनाता ह,ै ऄथाडत:् -
1. (1) आन जवजनयमों का संजक्षप्त नाम भारतीय ददवाला और िोधन ऄक्षमता बोड ड (ददवाला व्यावसाजयक) (चौथा
संिोधन) जवजनयम, 2022 ह ै ।
(2) य ेजवजनयम राजपत्र में प्रकािन की तारीख को प्रवृत्त होंगे ।
2. भारतीय ददवाला और िोधन ऄक्षमता बोड ड (ददवाला व्यावसाजयक) जवजनयमन, 2016 (जजन्ह ें आसम ें आसके पश्चात ्
“मूल जवजनयम” कहा गया ह)ै के जवजनयम 2 के ईप-जवजनयम (1) के खंड (छ) म,ें “दकए गए व्यजि से” िब्दों के स्ट्थान पर
“कोइ व्यजि या बोडड द्वारा जवजनयम 13 के ऄधीन मान्यताप्राप्त कोइ ददवाला व्यावसाजयक संस्ट्था” िब्द रख े जाएंग े ।
3. मूल जवजनयम के जवजनयम 4 म,ें-
(i) जवद्यमान जवजनयम को ईप-जवजनयम (1) के रूप म ेंपुनसखं यांदकत दकया जाएगा, और
(ii) ईप-जवजनयम (1) के पश्चात ् जनम्नजलजखत ईप-जवजनयम ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत:् -
6523 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
“(2) बोडड द्वारा जवजनयम 13 के ऄधीन मान्यताप्राप्त कोइ ददवाला व्यावसाजयक संस्ट्था तब ददवाला व्यावसाजयक के रूप म ें
रजजस्ट्रीकृत दकए जाने की पात्र नहीं होगी, यदद वह संस्ट्था और/या ईसका कोइ भी यथाजस्ट्थजत, भागीदार या जनदेिक, ईप-
जवजनयम (1) के खंड (छ) के ऄधीन ईपयुि और समुजचत व्यजि नहीं ह ैं।”
4. (जहन्दी पाि म ेंसंिोधन ऄपेजक्षत नहीं ह)ै
5 मूल जवजनयमों के जवजनयम 6 के ईप-जवजनयम (1) के पश्चात् जनम्नजलजखत ईप-जवजनयम ऄंतःस्ट्थाजपत दकया
जाएगा, ऄथाडत:् -
“(1क) ऐसी ददवाला व्यावसाजयक संस्ट्था, जो जवजनयम 4 के ईप-जवजनयम (2) के ऄधीन ददवाला व्यावसाजयक के
रूप म ें रजजस्ट्रीकरण के जलए पात्र ह,ै दो लाख रूपए की ऄप्रजतदेय अवेदन फीस सजहत, दसू री ऄनुसूची के प्ररूप
कक म ें बोडड को अवेदन कर सकेगी ।”
6. मूल जवजनयम के जवजनयम 7 के ईप-जवजनयम (2) म,ें-
(i) खडं (ज) के पश्चात्, जनम्नजलजखत खंड ऄंतःस्ट्थाजपत दकया जाएगा, ऄथातड :् -
“(जक) यदद कोइ ददवाला व्यावसाजयक संस्ट्था, ददवाला व्यावसाजयक ह ै तो वह केवल ऐसे, यथाजस्ट्थजत, भागीदार
या जनदेिक को, जो एक ददवाला व्यावसाजयक ह ै और जो ऄसाआनमेंट के जलए जवजधमान्य प्राजधकार-पत्र धारण
करता ह,ै ईसकी ओर स ेहस्ट्ताक्षर करने और काय ड करने के जलए ऄनज्ञु ात करेगी ।”
(ii) खंड (झ) के पश्चात,् जनम्नजलजखत परन्तुक ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत:् -
“परन्तु खंड (खक) और खंड (घ) ऐस े ददवाला व्यावसाजयक को लागू नहीं होंग,े जो ददवाला व्यावसाजयक संस्ट्था ह ै
।”
7. (जहन्दी पाि म ेंसंिोधन ऄपेजक्षत नहीं ह)ै
8. (जहन्दी पाि म ेंसंिोधन ऄपेजक्षत नहीं ह)ै
9. मूल जवजनयमों के जवजनयम 12 के ईप-जवजनयम (1) म,ें-
(i) खडं (क) के स्ट्थान पर जनम्नजलजखत रखा जाएगा, ऄथाडत:् -
“(क) ईसका ईद्देय ददवाला व्यावसाजयकों को सहायता सेवाएं प्रदान करना या ददवाला व्यावसाजयक के रूप म ें
दियाकलाप चलाना या दोनों ह ैं।”
(ii) खंड (ग) के स्ट्थान पर जनम्नजलजखत रखा जाएगा, ऄथाडत:् -
“(ग) ईसके ऄजधकांि साधारण िेयर और मतदान ऄजधकार ऐसे ददवाला व्यावसाजयकों द्वारा धाठरत ह,ैं जो यदद
वह एक कंपनी ह ैतो ईसके जनदिे क ह ैं।”
10. मूल जवजनयमों के जवजनयम 13 के ईप-जवजनयम (2) म,ें
(i) खडं (ख) म,ें दसू रे परन्तुक के पश्चात,् जनम्नजलजखत परन्तुक ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत:् -
“परन्तु यह और दक यदद ददवाला व्यावसाजयक संस्ट्था दकसी ददवाला व्यावसाजयक एजेंसी के पास नामांदकत ह ै तो
आस खंड के ऄधीन सूचना ऐसी ददवाला व्यावसाजयक एजेंसी को भी व्यावसाजयक सदस्ट्यों के ईसके रजजस्ट्टर को
ऄद्यतन करन े के जलए दी जाएगी ।”
(ii) खंड (ग) म,ें दसू रे परन्तुक के पश्चात ्जनम्नजलजखत परन्तुक ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत:् -
“परन्तु यह और दक यदद ददवाला व्यावसाजयक संस्ट्था दकसी ददवाला व्यावसाजयक एजेंसी के पास नामांदकत ह ै तो
आस खंड के ऄधीन सूचना ऐसी ददवाला व्यावसाजयक एजेंसी को भी व्यावसाजयक सदस्ट्यों के ईसके रजजस्ट्टर को
ऄद्यतन करन े के जलए दी जाएगी ।”
11. (जहन्दी पाि म ेंसंिोधन ऄपेजक्षत नहीं ह)ै
12. मूल जवजनयमों की दसू री ऄनुसूची म,ें प्ररूप क के पश्चात ्जनम्नजलजखत प्ररूप ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत:् -[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 3
“प्ररूप कक
[भारतीय ददवाला और िोधन ऄक्षमता बोड ड (ददवाला व्यावसाजयक) जवजनयमन, 2016 के जवजनयम 6(1क) के
ऄधीन]
सेवा म,ें
कायडपालक जनदेिक(अइ.पी.प्रभाग)
भारतीय ददवाला और िोधन ऄक्षमता बोड ड
जवषयः ददवाला व्यावसाजयक के रूप म ेंरजजस्ट्रीकरण के जलए अवदे न ।
महोदय/महोदया
1. म,ैं जो दक आस प्रयोजनाथ ड सम्यक् रूप स े प्राजधकृत ह,ं ................(अवेदक संस्ट्था का नाम) की ओर स,े जो दक बोड ड
द्वारा मान्यता संखयांक............. के साथ ददवाला व्यावसाजयक संस्ट्था के रूप म ें मान्यताप्राप्त ह,ै जजसका रजजस्ट्रीकृत
पता.................. (अवेदक सस्ट्ं था का रजजस्ट्रीकृत पता) ह,ै भारतीय ददवाला और िोधन ऄक्षमता बोड ड (ददवाला
व्यावसाजयक) जवजनयमन, 2016 (अइ.पी. जवजनयम) के जवजनयम 6(1क) के साथ पठित ददवाला और िोधन ऄक्षमता
संजहता, 2016 की धारा 207 के ऄधीन ददवाला व्यावसाजयक के रूप म ें मान्यता के जलए अवेदन करता ह ं । म ैं एतदद्वारा
आस संबंध म ें सबूत(बोडड/भागीदार के संकल्प की प्रमाजणत प्रजत) संलग्न करता ह ं दक म ैं यह अवेदन करने के जलए और आस
बाबत बोडड के साथ पत्र-व्यवहार करने के जलए प्राजधकृत ह ं।
ऄजतठरि जानकारी
2. क्या अवेदक संस्ट्था दकसी ऄन्य कंपनी या जनगजमत जनकाय की सहायक कंपनी, संयुि ईद्यम या सहयुि ह?ै (हा/ंनहीं)
यदद हा ं तो कृपया ऐसी कंपनी या जनगजमत जनकाय का पूरा ब़्यौरा दें ।
3. क्या अवेदक संस्ट्था और/या यथाजस्ट्थजत, ईसका कोइ भागीदार या जनदेिक, अइ. पी. जवजनयमों के जवजनयम 4 के
जनबंधनानुसार ईपयिु और ईजचत व्यजि ह?ै (हा/ंनहीं)
यदद हा ं तो कृपया वतडमान जस्ट्थजत सजहत परू ा ब्यौरा दें ।
4. कृपया ऐसी ऄजतठरि जानकारी दें जो रजजस्ट्रीकरण प्रमाणपत्र प्रदान करने के जलए सुसगं त हो सकती ह ै।
प्रजतज्ञान
5. म,ैं................. (अवेदक संस्ट्था का नाम) की ओर स े यह प्रजतज्ञान करता ह ं दक अवेदक सस्ट्ं था न े अइ.पी. जवजनयमों के
जवजनयम 12 और 13 का हर समय ऄनपु ालन दकया ह ै।
6. म,ैं ................(अवेदक संस्ट्था का नाम) की ओर स े यह प्रजतज्ञान करता ह ं दक अवेदक ददवाला व्यावसाजयक के रूप म ें
रजजस्ट्रीकृत दकए जान े का पात्र ह ै।
7. म,ैं..................(अवेदक संस्ट्था का नाम) की ओर स े यह प्रजतज्ञान करता ह ंदक –
(i) आस अवेदन म ेंऄंतर्ववष्ट सभी जानकारी सभी प्रकार स ेसत्य और सही ह,ै
(ii) आस अवेदन के प्रयोजनाथ डससु ंगत कोइ भी ताजत्वक जानकारी जछपाइ नहीं गइ ह,ै और
(iii) आस अवेदन के ऄनुसरण म ें प्रदान दकया गया रजजस्ट्रीकरण तब संजक्षप्त रूप स े रद्द दकया जा सकेगा यदद आसम ें
प्रस्ट्तुत की गइ कोइ जानकारी दकसी प्रिम पर ताजत्वक दजृ ष्ट स ेजमथ्या या भ्रामक पाइ जाती ह ै।
(iv) यदद आसमें प्रस्ट्तुत की गइ कोइ जानकारी दकसी प्रिम पर ताजत्वक दजृ ष्ट स े जमथ्या या भ्रामक पाइ जाती ह ै तो
अवेदक संस्ट्था की मान्यता रद्द की जा सकेगी ।
8. म,ैं यह पुजष्ट करता ह ं दक लागू फीस का संदाय बोडड को.............(कृपया संदाय दकए जान े की तारीख सजहत संदाय का
ब्यौरा प्रजवष्ट करें) द्वारा कर ददया गया ह ैऔर ईसके संबंध म ेंसबूत संलग्न करता ह ं।
9. यदद रजजस्ट्रीकरण प्रदान दकया जाता ह ै तो म.ें...........(अवेदक संस्ट्था का नाम) की ओर स े संजहता ईसके ऄधीन जारी
दकए गए जनयमों, जवजनयमों या पठरपत्रों या ददिाजनदेिों और ऐस े ऄन्य जनबंधनों और ितों का, जो बोडड द्वारा4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
रजजस्ट्रीकरण प्रमाणपत्र प्रदान दकए जाने के समय या ईसके पश्चात् ऄजधरोजपत दकए जाए,ं ऄनुपालन करने का वचन दते ा
ह ं ।
भवदीय,
प्राजधकृत हस्ट्ताक्षरकता ड
(नाम)
(पदनाम)
(प्राजधकृत हस्ट्ताक्षरकता डददवाला व्यावसाजयक का रजजस्ट्रीकरण संखयांक......)
स्ट्थान: (ददवाला व्यावसाजयक संस्ट्था का नाम.......)
तारीख: (ददवाला व्यावसाजयक संस्ट्था का मान्यता संखयांक......)
सलं ग्नक
1. बोडड/भागीदारों के ईस संकल्प की प्रमाजणत प्रजत, जजसके द्वारा ईस व्यजि को यह अवेदन करने और बोडड के साथ आस
बाबत पत्र-व्यवहार करने के जलए प्राजधकृत दकया गया ह ै।
2. मान्यता प्रमाणपत्र की प्रजत ।
3. ददवाला व्यावसाजयक एजेंसी द्वारा जारी दकया गया व्यावसाजयक सदस्ट्यता प्रमाणपत्र की प्रजत ।
भवदीय
प्राजधकृत हस्ट्ताक्षरकता ड
(नाम)
(पदनाम)
(प्राजधकृत हस्ट्ताक्षरकता डददवाला व्यावसाजयक का रजजस्ट्रीकरण संखयांक......)
(ददवाला व्यावसाजयक संस्ट्था का नाम.......)
(ददवाला व्यावसाजयक संस्ट्था का मान्यता संखयांक......)
स्ट्थान:
तारीख:”
रजव जमत्तल, ऄध्यक्ष
[जवज्ञापन-III/4/ऄसा./293/2022-23]
ठटप्पण: भारतीय ददवाला और िोधन ऄक्षमता बोडड (ददवाला व्यावसाजयक) जवजनयमन, 2016, भारत के राजपत्र, ऄसाधारण,
भाग 3, खंड 4, स.ं 424, तारीख 23 नवम्बर, 2016 में ऄजधसूचना स.ं अइ.बी.बी.अइ./2016-
17/जी.एन./अर.इ.जी.003, तारीख 23 नवम्बर, 2016 द्वारा प्रकाजित दकए गए थ े और ईनमें ऄंजतम संिोधन भारत
के राजपत्र, ऄसाधारण, भाग 3, खंड 4, स.ं 462, तारीख 20 जसतम्बर, 2022 म ें ऄजधसूचना स.ं
अइ.बी.बी.अइ./2022-23/जी.एन./अर.इ.जी.097, तारीख 20 जसतम्बर, 2022 द्वारा प्रकाजित भारतीय ददवाला
और िोधन ऄक्षमता बोडड (ददवाला व्यावसाजयक) (तीसरा संिोधन) जवजनयम, 2022 द्वारा दकए गए ।[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 5
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 28th September, 2022
Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Fourth Amendment) Regulations,
2022
No. IBBI/2022-23/GN/REG099.—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)
(Fourth Amendment) Regulations, 2022.
(2) They shall come into force on the date of publication in the Official Gazette.
2. In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (hereinafter
referred to as ‗the principal regulations‘), in regulation 2, in sub-regulation (1), in clause (g), for the words ―an
individual‖, the words ―an individual or an insolvency professional entity recognised by the Board under regulation
13‖ shall be substituted.
3. In the principal regulations, in regulation 4,
(i) the existing regulation shall be renumbered as ―4.(1)‖, and
(ii) after sub-regulation (1), the following sub-regulation shall be inserted, namely:-
―(2) No insolvency professional entity, recognised by the Board under regulation 13, shall be eligible to be
registered as an insolvency professional, if the entity and/or any of its partner or director, as the case may
be, is not fit and proper person under clause (g) of sub-regulation (1).‖
4. In the principal regulations, in sub-regulation (4) of regulation 6, in clauses (bb) and (e) of sub-regulation (2) of
regulation 7, in sub-regulation (1) of regulation 8 and in clause 3, clause 5, clause 8B, clause 9, clause 13, clause
14, clause 15A, clause 16, clause 25B, clause 26 of the First Schedule, for the word ―his‖, the word ―its‖ shall be
substituted.
5. In the principal regulations, after sub-regulation (1) of regulation 6, the following shall be inserted namely:-
―(1A) An insolvency professional entity eligible for registration as an insolvency professional under sub-regulation
(2) of regulation 4 may make an application to the Board in Form AA of Second Schedule along with a non-
refundable application fee of two lakh rupees.‖
6. In the principal regulations, in regulation 7, in sub-regulation (2),
(i) after clause (h), the following clauses shall be inserted, namely:-
―(ha) in case an insolvency professional entity is an insolvency professional, it shall allow only a partner or
director, as the case may be, who is an insolvency professional and holds a valid authorisation for
assignment to sign and act on behalf of it;‖
(ii) after clause (i), the following Proviso shall be inserted, namely:-
―Provided that clause (ba) and clause (d) shall not be applicable to an insolvency professional which is
insolvency professional entity.‖
7. In the principal regulations, in clause (ca) and clause (g) in sub-regulation (2) of regulation 7 and in clause 8B,
clause 8C, clause 8D, clause 21, clause 25A, clause 25B, clause 25C of the First Schedule, for the word ―him‖, the
word ―it‖ shall be substituted.
8. In the principal regulations, in regulation 7A, for the word, ―he‖, the word ―it‖ shall be substituted.
9. In the principal regulations, in regulation 12, in sub-regulation (1),
(i) clause (a) shall be substituted as under, namely:-
―(a) its objective is to provide support services to insolvency professionals or to carry on the activities of an
insolvency professional or both.‖
(ii) clause (c) shall be substituted as under, namely:-6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
―(c) majority of its equity shares and voting rights are held by insolvency professionals, who are its
directors, in case it is a company;‖
10. In the principal regulations, in regulation 13, in sub-regulation (2),
(i) in clause (b), after second proviso, the following proviso shall be inserted, namely:-
―Provided further that in case the insolvency professional entity is enrolled with an insolvency
professional agency, the intimation under this clause shall also be made to such insolvency professional
agency to update its register of professional members.‖
(ii) in clause (c), after second proviso, the following proviso shall be inserted, namely:-
―Provided further that in case the insolvency professional entity is enrolled with an insolvency
professional agency, the intimation under this clause shall also be made to such insolvency professional
agency to update its register of professional members.‖
11. In the principal regulations, in clause 4, clause 8C, and clause 9 of the First Schedule, for the word ―himself‖, the
word ―itself‖ shall be substituted.
12. In the principal regulations, in Second Schedule, after Form A, the following form shall be inserted, namely:-
“FORM AA
[Under Regulation 6 (1A) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations,
2016]
To
The Executive Director (IP Division)
Insolvency and Bankruptcy Board of India
Sub.: Application for registration as an insolvency professional.
Sir/Madam,
1. I, being duly authorised for the purpose, hereby apply on behalf of [name of the applicant entity], recognised by the
Board as an insolvency professional entity with recognition number [recognition number], having registered address
at [registered address of the applicant entity] for registration as an insolvency professional under section 207 of the
Insolvency and Bankruptcy Code, 2016 read with regulation 6 (1A) of the Insolvency and Bankruptcy Board of India
(Insolvency Professionals) Regulations, 2016 (IP Regulations). I hereby enclose proof (certified copy of Board/
Partner‘s Resolution) that I am authorised to make this application and correspond with the Board in this respect.
ADDITIONAL INFORMATION
2. Whether the applicant entity is a subsidiary, joint venture or associate of another company or body corporate? (Yes/
No)
If yes, please give complete details of such company or body corporate.
3. Whether the applicant entity and/ or any of its partner or director, as the case may be, is a fit and proper person in
terms of regulation 4 of IP Regulations? (Yes/ No)
If yes, please give complete details along with current status.
4. Please provide any additional information that may be relevant for grant of certificate of registration.
AFFIRMATION
5. I, on behalf of [name of the applicant entity], affirm that the applicant entity has at all times complied with
regulations 12 and 13 of the IP Regulations.
6. I, on behalf of [name of the applicant entity], affirm that the applicant is eligible to be registered as an insolvency
professional.
7. I, on behalf of [name of the applicant entity], hereby affirm that –
i. all information contained in this application is true and correct in all material respects,
ii. no material information relevant for the purpose of this application has been suppressed, and
iii. registration granted in pursuance of this application may be cancelled summarily if any information
submitted herein is found to be false or misleading in material respects at any stage.[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 7
iv. the applicant entity may be derecognised if any information submitted herein is found to be false or
misleading in material respects at any stage.
8. I, hereby confirm that the applicable fee has been paid to the Board vide [please enter the payment details along
with date of making the payment] and enclose proof thereof.
9. If granted registration, I, on behalf of [name of the applicant entity], undertake to comply with the requirements of
the Code, the rules, regulations or circulars or guidelines issued thereunder, and such other terms and conditions as
may be imposed by the Board while granting the certificate of registration or subsequently.
Yours faithfully,
Authorised Signatory
(Name)
(Designation)
(Insolvency Professional Registration Number of Authorised Signatory -----------)
(Name of the Insolvency Professional Entity--------)
(Recognition Number of the Insolvency Professional Entity----)
Place:
Date :
ATTACHMENTS
1. Certified copy of Board / Partners‘ Resolution authorising the person to make this application and correspond with
the Board in this respect.
2. Copy of Certificate of Recognition.
3. Copy of Certificate of Professional Membership issued by the Insolvency Professional Agency
Yours faithfully,
Authorised Signatory
(Name)
(Designation)
(Insolvency Professional Registration No. of Authorised Signatory-----------)
(Name of the Insolvency Professional Entity--------)
(Recognition Number of the Insolvency Professional Entity----)
Place :
Date :…‖
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./293/2022-23]
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) (Third Amendment) Regulations, 2022 published
vide notification No. IBBI/2022-23/GN/REG097 dated 20th September, 2022 in the Gazette of India,
Extraordinary, Part III, Section 4, No. 462 on 20th 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.