Section 5(2) in Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016
(2)The registration shall be subject to the conditions that the insolvency professional agency shall -(a)abide by the Code, rules, regulations, and guidelines thereunder and its bye-laws;(b)at all times after the grant of the certificate continue to satisfy the requirements under sub-regulation (1);(c)[ pay an annual fee of five lakh rupees to the Board, within fifteen days from the date of commencement of the financial year: [Substituted by Notification No. IBBI/2019-20/GN/REG044, dated 23.7.2019 (w.e.f. 21.11.2016).]Provided that no annual fee shall be payable in the financial year in which an insolvency professional agency is granted registration or renewal, as the case may be:Provided further that without prejudice to any other action which the Board may take as permissible under the Code, any delay in payment of fee by an insolvency professional agency shall attract simple interest at the rate of twelve percent per annum until paid.Illustration(a)Where an insolvency professional agency is registered on 1st December, 2016 upon receipt of an application fee of ten lakh rupees along with the application for registration, no further fee is required to be paid for the financial year 2016-17. The annual fee of five lakh rupees becomes due on 1st April, 2017 and shall be paid by 15th April, 2017 for the financial year 2017-18. It becomes similarly due on 1st April, 2018 to be paid by 15th April, 2018, on 1st April, 2019 to be paid by 15th April, 2019, on 1st April, 2020 to be paid by 15th April, 2020 and on 1st April, 2021 to be paid by 15th April, 2021. Thereafter, the insolvency professional agency may apply for renewal of registration along with an application fee of five lakh rupees. If renewal is granted, there will be no annual fee for 2021-22.(b)Where the annual fee is paid on 20th April, 2017, interest at the rate of twelve percent per annum shall be paid for the delay of five days.](d)seek approval of the Board when a person, other than a statutory body, seeks to hold more than ten per cent, directly or indirectly, of the share capital of the insolvency professional agency;(e)take adequate steps for redressal of grievances; and(f)abide by such other conditions as may be specified.
