Section 13 in Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016
13.
(1)If the Board is satisfied, after such inspection or inquiry as it deems necessary that the applicant is eligible under these Regulations, it may grant a certificate of recognition as an insolvency professional entity in Form D of the Second Schedule to these Regulations.(2)The recognition shall be subject to the conditions that the insolvency professional entity shall-(b)[ inform the Board, within seven days, when an individual ceases to be its director or partner, as the case may be, in Form F of the Second Schedule along with a fee of two thousand rupees; [Substituted by Notification No. IBBI/2018-19/GN/REG036, dated 11.10.2018 (w.e.f. 23.11.2016).](c)inform the Board, within seven days, when an individual joins as its director or partner, as the case may be, in Form F of the Second Schedule along with a fee of two thousand rupees;(ca)pay to the Board, a fee calculated at the rate of 0.25 percent of the turnover from the services rendered by it in the preceding financial year, on or before the 30th of April every year, along with a statement in Form G of the Second Schedule; and](cb)[ submit to the Board, by 15th day of October every year, a compliance in Form H, for the preceding financial year: [Inserted by Notification No. IBBI/2019-20/GN/REG049, dated 25.10.2019 (w.e.f. 23.11.2016).]Provided that an insolvency professional entity recognised as on 31st March, 2019 shall submit to the Board, by 31st December 2019, a compliance certificate in Form H for the financial year 2018-19.](d)abide by such other conditions as may be specified.(3)An insolvency professional entity shall be jointly and severally liable for all acts or omissions of its partners or directors as insolvency professionals committed during such partnership or directorship.
