Section 12A in Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016
12A. [ Authorisation for Assignment. [Inserted by Notification F. No. IBBI/2019-20/GN/REG043, dated 23.7.2019 (w.e.f. 21.11.2016).]
(1)The Agency, on an application by its professional member, may issue or renew an authorisation for assignment.(2)A professional member shall be eligible to obtain an authorisation for assignment, if he -(a)is registered with the Board as an insolvency professional;(b)is a fit and proper person in terms of the Explanation to clause (g) of regulation 4 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016;(c)is not in employment;(d)is not debarred by any direction or order of the Agency or the Board;(e)has not attained the age of seventy years;(f)has no disciplinary proceeding pending against him before the Agency or the Board;(g)complies with requirements, as on the date of application, with respect to -(i)payment of fee to the Agency and the Board;(ii)filings and disclosures to the Agency and the Board;(iii)continuous professional education; and(iv)other requirements, as stipulated under the Code, regulations, circulars, directions or guidelines issued by the Agency and the Board, from time to time.(3)An application for issue or renewal of an authorisation for assignment, shall be in such form, manner and with such fee, as may be provided by the Agency:Provided that an application for renewal of an authorisation for assignment shall be made any time before the date of expiry of the authorisation, but not earlier than forty-five days before the date of expiry of the authorisation.(4)The Agency shall consider the application in accordance with the bye-laws and either issue or renew, as the case may be, an authorisation for assignment to the professional member in Form B or reject the application with a reasoned order.(5)If the authorisation for assignment is not issued, renewed or rejected by the Agency within fifteen days of the date of receipt of application, the authorisation shall be deemed to have been issued or renewed, as the case may be, by the Agency.(6)An authorisation for assignment issued or renewed by the Agency shall be valid for a period of one year from the date of its issuance or renewal, as the case may be, or till the date on which the professional member attains the age of seventy years, whichever is earlier.(7)An applicant aggrieved of an order of rejection of his application by the Agency may appeal to the Membership Committee within seven days from the date of receipt of the order.(8)The Membership Committee shall pass an order disposing of the appeal by a reasoned order, within fifteen days of the date of receipt of the appeal.]VII. Duties of Members
