Section 9(1) in Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016
(1)Notwithstanding any of the provisions of Regulation 5, an individual shall be eligible to be registered for a limited period as an insolvency professional if he-(a)has been `in practice' for fifteen years as-(i)a chartered accountant enrolled as a member of the Institute of Chartered Accountants of India,(ii)a company secretary enrolled as a member of the Institute of Company Secretaries of India,(iii)a cost accountant enrolled as a member of the Institute of Cost Accountants of India, or(iv)an advocate enrolled with a Bar Council; and(b)submits an application for registration in Form A of the Second Schedule to these Regulations to the insolvency professional agency with which he is enrolled on or before 31st December, 2016 along with a non-refundable application fee of five thousand rupees which shall be collected by such insolvency professional agency on behalf of the Board.
