Union of India - Act
Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016
UNION OF INDIA
India
India
Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016
Rule INSOLVENCY-AND-BANKRUPTCY-BOARD-OF-INDIA-INSOLVENCY-PROFESSIONALS-REGULATIONS-2016 of 2016
- Published on 23 November 2016
- Commenced on 23 November 2016
- [This is the version of this document from 23 November 2016.]
- [Note: The original publication document is not available and this content could not be verified.]
Chapter I
General
1. Short title and commencement.
2. Definitions.
Chapter II
Insolvency Examinations
3.
Chapter III
Registration of Insolvency Professionals
4. Eligibility.
- No individual shall be eligible to be registered as an insolvency professional if he-5. [ Qualifications and experience. [Substituted by Notification No. IBBI/2017-18/GN/REG027, dated 27.3.2018 (w.e.f. 23.11.2016).]
- Subject to the other provisions of these regulations, an individual shall be eligible for registration, if he -6. Application for certificate of registration.
7. Certificate of registration.
7A. [ Authorisation for assignment. [Inserted by Notification F. No. IBBI/2019-20/GN/REG045, dated 23.7.2019 (w.e.f. 23.11.2016).]
- An insolvency professional shall not accept or undertake an assignment after 31st December, 2019 unless he holds a valid authorisation for assignment on the date of such acceptance or commencement of such assignment, as the case may be:Provided that provisions of this regulation shall not apply to an assignment which an insolvency professional is undertaking as on -8. Refusal to grant certificate.
9. Registration for a limited period.
Chapter IV
[Issue and Surrender of Authorisation For Assignment and Disciplinary Proceedings] [Substituted 'Temporary Surrender and Disciplinary Proceedings' by Notification F. No. IBBI/2019-20/GN/REG045, dated 23.7.2019 (w.e.f. 23.11.2016).]
10. Temporary surrender.
- [(1) An insolvency professional agency shall inform the Board when it -(a)issues or renews an authorisation for assignment;(b)suspends or cancels an authorisation for assignment;(c)revokes the suspension of an authorisation for assignment; or(d)accepts the surrender of an authorisation for assignment,within one working day of taking such action.] [Substituted by Notification F. No. IBBI/2019-20/GN/REG045, dated 23.7.2019 (w.e.f. 23.11.2016).]11. Disciplinary proceedings.
Chapter V
Recognition of Insolvency Professional Entities
12. Recognition of Insolvency Professional Entities.
- [(1) A company, a registered partnership firm or a limited liability partnership may be recognised as an insolvency professional entity, if -(a)its sole objective is to provide support services to insolvency professionals, who are its partners or directors, as the case may be;(b)it has a net worth of not less than one crore rupees;(c)majority of its shares is held by insolvency professionals, who are its directors, in case it is a company;(d)majority of capital contribution is made by insolvency professionals, who are its partners, in case it is a limited liability partnership firm or a registered partnership firm;(e)majority of its partners or directors, as the case may be, are insolvency professionals;(f)majority of its whole time directors are insolvency professionals, in case it is a company; and(g)none of its partners or directors is a partner or a director of another insolvency professional entity:Provided that the insolvency professional entities recognised as on the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018 shall comply with the provisions of clauses (a), (b) (c) and (d) on or before 30th September, 2018 and the provisions of clauses (e), (f) and (g) on or before 30th June, 2018.] [Substituted by Notification No. IBBI/2017-18/GN/REG027, dated 27.3.2018 (w.e.f. 23.11.2016).]13.
14.
Where the Board is of the opinion that sufficient cause exists for de-recognition of an insolvency professional entity, it may do so by passing a reasoned order.15. [ Interest. [Inserted by Notification No. IBBI/2018-19/GN/REG036, dated 11.10.2018 (w.e.f. 23.11.2016).]
- Without prejudice to any other action which the Board may take as deemed fit under the Code or any regulations made thereunder, any delay in payment of fee by an insolvency professional or an insolvency professional entity, a simple interest at the rate of 12% per annum on the amount of fee unpaid shall be paid to the Board after the last date of payment of fee under these regulations.]First Schedule[Under regulation 7 (2) (h)] [Substituted by Notification No. IBBI/2017-18/GN/REG027, dated 27.3.2018 (w.e.f. 23.11.2016).]Code of Conduct for Insolvency ProfessionalsIntegrity and objectivity.1. An insolvency professional must maintain integrity by being honest, straightforward, and forthright in all professional relationships.
2. An insolvency professional must not misrepresent any facts or situations and should refrain from being involved in any action that would bring disrepute to the profession.
3. An insolvency professional must act with objectivity in his professional dealings by ensuring that his decisions are made without the presence of any bias, conflict of interest, coercion, or undue influence of any party, whether directly connected to the insolvency proceedings or not.
3A. [ An insolvency professional must disclose the details of any conflict of interests to the stakeholders, whenever he comes across such conflict of interest during an assignment.] [Inserted by Notification F. No. IBBI/2019-20/GN/REG045, dated 23.7.2019 (w.e.f. 23.11.2016).]
4. An insolvency professional appointed as an interim resolution professional, resolution professional, liquidator, or bankruptcy trustee should not himself acquire, directly or indirectly, any of the assets of the debtor, nor knowingly permit any relative to do so.
Independence and impartiality.5. An insolvency professional must maintain complete independence in his professional relationships and should conduct the insolvency resolution, liquidation or bankruptcy process, as the case may be, independent of external influences.
6. In cases where the insolvency professional is dealing with assets of a debtor during liquidation or bankruptcy process, he must ensure that he or his relatives do not knowingly acquire any such assets, whether directly or indirectly unless it is shown that there was no impairment of objectivity, independence or impartiality in the liquidation or bankruptcy process and the approval of the Board has been obtained in the matter.
7. An insolvency professional shall not take up an assignment under the Code if he, any of his relatives, any of the partners or directors of the insolvency professional entity of which he is a partner or director, or the insolvency professional entity of which he is a partner or director is not independent, in terms of the Regulations related to the processes under the Code, in relation to the corporate person/debtor and its related parties.
8. An insolvency professional shall disclose the existence of any pecuniary or personal relationship with any of the stakeholders entitled to distribution under sections 53 or 178 of the Code, and the concerned corporate person/debtor as soon as he becomes aware of it, by making a declaration of the same to the applicant, committee of creditors, and the person proposing appointment, as applicable.
8A. [ An insolvency professional shall disclose as to whether he was an employee of or has been in the panel of any financial creditor of the corporate debtor, to the committee of creditors and to the insolvency professional agency of which he is a professional member and the agency shall publish such disclosure on its website.] [Inserted by Notification No. IBBI/2017-18/GN/REG027, dated 27.3.2018 (w.e.f. 23.11.2016).]
9. An insolvency professional shall not influence the decision or the work of the committee of creditors or debtor, or other stakeholders under the Code, so as to make any undue or unlawful gains for himself or his related parties, or cause any undue preference for any other persons for undue or unlawful gains and shall not adopt any illegal or improper means to achieve any mala fide objectives.
Professional competence.10. An insolvency professional must maintain and upgrade his professional knowledge and skills to render competent professional service.
Representation of correct facts and correcting misapprehensions.11. An insolvency professional must inform such persons under the Code as may be required, of a misapprehension or wrongful consideration of a fact of which he becomes aware, as soon as may be practicable.
12. An insolvency professional must not conceal any material information or knowingly make a misleading statement to the Board, the Adjudicating Authority or any stakeholder, as applicable.
Timeliness.13. An insolvency professional must adhere to the time limits prescribed in the Code and the rules, regulations and guidelines thereunder for insolvency resolution, liquidation or bankruptcy process, as the case may be, and must carefully plan his actions, and promptly communicate with all stakeholders involved for the timely discharge of his duties.
14. An insolvency professional must not act with mala fide or be negligent while performing his functions and duties under the Code.
Information management.15. An insolvency professional must make efforts to ensure that all communication to the stakeholders, whether in the form of notices, reports, updates, directions, or clarifications, is made well in advance and in a manner which is simple, clear, and easily understood by the recipients.
16. An insolvency professional must ensure that he maintains written contemporaneous records for any decision taken, the reasons for taking the decision, and the information and evidence in support of such decision. This shall be maintained so as to sufficiently enable a reasonable person to take a view on the appropriateness of his decisions and actions.
17. An insolvency professional must not make any private communication with any of the stakeholders unless required by the Code, rules, regulations and guidelines thereunder, or orders of the Adjudicating Authority.
18. An insolvency professional must appear, cooperate and be available for inspections and investigations carried out by the Board, any person authorised by the Board or the insolvency professional agency with which he is enrolled.
19. An insolvency professional must provide all information and records as may be required by the Board or the insolvency professional agency with which he is enrolled.
20. An insolvency professional must be available and provide information for any periodic study, research and audit conducted by the Board.
Confidentiality.21. An insolvency professional must ensure that confidentiality of the information relating to the insolvency resolution process, liquidation or bankruptcy process, as the case may be, is maintained at all times. However, this shall not prevent him from disclosing any information with the consent of the relevant parties or required by law.
Occupation, employability and restrictions.22. An insolvency professional must refrain from accepting too many assignments, if he is unlikely to be able to devote adequate time to each of his assignments.
23. [ An insolvency professional must not engage in any employment when he holds a valid authorisation for assignment or when he is undertaking an assignment. [Substituted by Notification F. No. IBBI/2019-20/GN/REG045, dated 23.7.2019 (w.e.f. 23.11.2016).]
23A. Where an insolvency professional has conducted a corporate insolvency resolution process, he and his relatives shall not accept any employment, other than an employment secured through open competitive recruitment, with, or render professional services, other than services under the Code, to a creditor having more than ten percent voting power, the successful resolution applicant, the corporate debtor or any of their related parties, until a period of one year has elapsed from the date of his cessation from such process.
23B. An insolvency professional shall not engage or appoint any of his relatives or related parties, for or in connection with any work relating to any of his assignment.
23C. An insolvency professional shall not provide any service for or in connection with the assignment which is being undertaken by any of his relatives or related parties.
Explanation. - For the purpose of clauses 23A to 23C, "related party" shall have the same meaning as assigned to it in clause (24A) of section 5, but does not include an insolvency professional entity of which the insolvency professional is a partner or director.]24. An insolvency professional must not conduct business which in the opinion of the Board is inconsistent with the reputation of the profession.
Remuneration and costs.25. An insolvency professional must provide services for remuneration which is charged in a transparent manner, is a reasonable reflection of the work necessarily and properly undertaken, and is not inconsistent with the applicable regulations.
25A. [ An insolvency professional shall disclose the fee payable to him, the fee payable to the insolvency professional entity, and the fee payable to professionals engaged by him to the insolvency professional agency of which he is a professional member and the agency shall publish such disclosure on its website.] [Inserted by Notification No. IBBI/2017-18/GN/REG027, dated 27.3.2018 (w.e.f. 23.11.2016).]
26. An insolvency professional shall not accept any fees or charges other than those which are disclosed to and approved by the persons fixing his remuneration.
27. An insolvency professional shall disclose all costs towards the insolvency resolution process costs, liquidation costs, or costs of the bankruptcy process, as applicable, to all relevant stakeholders, and must endeavour to ensure that such costs are not unreasonable.
Gifts and hospitality.28. An insolvency professional, or his relative must not accept gifts or hospitality which undermines or affects his independence as an insolvency professional.
29. An insolvency professional shall not offer gifts or hospitality or a financial or any other advantage to a public servant or any other person, intending to obtain or retain work for himself, or to obtain or retain an advantage in the conduct of profession for himself.
Second Schedule[Form A] [Substituted by Notification No. IBBI/2019-20/GN/REG049, dated 25.10.2019 (w.e.f. 23.11.2016).][Under regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016]| To | {| |
| Please affix a recent passport sizephoto |
1. Title (Mr./Mrs./Ms./Other):
2. Name (as per PAN/Aadhaar):
3. Father's Name:
4. Mother's Name:
5. Date of Birth:
6. Place of Birth:
7. PAN:
8. AADHAAR No. (if available):
9. Passport No. (if available):
10. GSTIN (if available):
11. DIN/DPIN (if available):
12. Address for Correspondence (Note: This shall be recorded as the registered address):
13. Permanent Address:
14. E-mail Address (Note: This shall be recorded as the registered e-mail address):
15. Mobile No. (Note: This shall be recorded as the registered mobile number):
16. Residential Status: Person resident in India/ Person resident outside India (strike off whichever is not applicable) [in terms of section 3 (24) or 3 (25) of Insolvency and Bankruptcy Code, 2016]
B. Qualifications: Educational, Professional, Insolvency Examination and Pre-Registration Educational Course| Sl. No. | Educational qualification | University/College | Year of Passing | Marks Secured (%) | Grade/Class | Remarks, if any |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) |
| Sl. No. | Professional qualification | Institute/professional body | Membership No./Enrolment No. (as applicable) | Date of registration/enrolment | Remarks, if any |
| (1) | (2) | (3) | (4) | (5) | (6) |
| Sl. No. | Name of the examination /programme | Whether passed (Yes/No) | Name of the institute /organisation | Marks (%)/Grade/ Class | Date of passing | Remarks, if any |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) |
| 1 | Limited Insolvency Examination | IBBI | ||||
| 2 | Graduate Insolvency Programme | |||||
| 3 | National Insolvency Programme |
| Sl. No. | From (dd-mm- yyyy) | To (dd-mm-yyyy) | Employment | Practice | Area of work | ||
| Name and Address of Employer | Designation | Advocate /CA /CS/CMA | Name of Firm and Firm Registration Number, ifapplicable | ||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
1. Have you ever been convicted of an offence? (Yes/No)
If yes, please give complete details along with current status.2. Is any criminal proceeding pending against you? (Yes/No)
If yes, please give complete details along with current status.3. Have you ever been adjudged as a bankrupt? (Yes/No)
If yes, please give complete details along with current status.4. Is there any disciplinary proceeding pending against you or has been taken against you at any time in the preceding three years by the ICAI, ICSI, ICAI (Cost), Bar Council or RVO? (Yes/No) If yes, please give complete details along with current status.
5. Please provide any additional information that may be relevant for determining if you are fit and proper person.
AffirmationI affirm that I am eligible to be registered as an insolvency professional under the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 read with section 207 of the Insolvency and Bankruptcy Code, 2016.2. I affirm that the information furnished by me in this application is correct and complete to the best of my knowledge and belief.
3. I undertake to comply with the requirements of the Insolvency and Bankruptcy Code, 2016, rules, regulations, guidelines and circulars issued thereunder, the bye-laws of the insolvency professional agency with which I am enrolled and directions given by the Board and the Governing Board of such insolvency professional agency and to furnish any additional information as and when called for by the Board or Insolvency Professional Agency.
Name and signature of applicantPlace:Date:Attachments1. Copy of proof of residence
2. Copy of PAN card, Aadhaar card and Passport
3. Copy of GST Registration Certificate
4. Copy of DIN/DPIN allotment letter
5. Copies of documents in support of educational qualification, professional qualification and insolvency examination and completion of Pre-Registration Education Course
6. Copies of documents demonstrating practice as -
7. Copies of certificate of employment from the employer(s), specifying the period of such employment
8. Financial statements/Income-tax Returns for the last three years.
9. Copy of certificate of professional membership with an insolvency professional agency and /or Registered Valuer Organisation
10. Evidence of deposit/payment of fee, along with GST, as required under regulation 6(1) of IP Regulations
11. Details of information with respect to conviction, criminal proceedings, insolvency/bankruptcy order, disciplinary proceedings/actions and any other additional information relevant for the application, as may be applicable (including brief facts, copy of relevant orders and present status thereof) as separate enclosures.
Verification by the Insolvency Professional AgencyWe have verified as under:| SI. No. | Verification | Finding |
| 1 | Whether any disciplinary proceeding is pending,or any disciplinary action has been taken at any time in thepreceding three years against the professional member by theICAI, ICSI, ICAI(Cost), Bar Council or RVO of which he is aMember? | Yes/NoIf Yes, give details and supporting document |
| 2 | Whether any criminal proceeding has beeninitiated by ICAI, ICAI (Cost), ICSI, Bar Council, or RVO againstthe professional member and is pending for disposal? | Yes/NoIf Yes, give details and supporting document. |
| 3 | Whether any other criminal proceeding is pendingagainst the professional member? | Yes/ NoIf Yes, give details and supporting document |
| 4 | Whether the professional member had anunblemished service records with the last employer if he was inemployment? | Yes/NoIf Yes, give details and supporting document |
| 5 | Whether the name ofthe professional member appears in the database of Ministry ofCorporate Affairs regarding:(i) Directorsdisqualified under section 164 of the Companies Act, 2013; or(ii) Proclaimed Offenders under section 82 ofthe Code of Criminal Procedure, 1973? | Yes/NoIf Yes, give details and attach additionalpapers |
| 6 | Whether the professional member has beenpenalised by SEBI or CCI in the last three years? | Yes/NoIf Yes, give details and supporting document |
| 7 | Whether the name of professional member appearsin the list of defaulters of RBI/Credit Information Company? | Yes/NoIf Yes, give details and supporting document |
| 8 | Whether the professional member has beenconvicted of any offence? | Yes/NoIf Yes, give details and supporting document |
1. In exercise of the powers conferred by Regulation 7 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 the Board hereby grants a certificate of registration to [insert name], to act as an insolvency professional in accordance with these Regulations.
2. This certificate shall be valid from [insert start date].
Sd/-(Name and Designation)For and on behalf of Insolvency and Bankruptcy Board of IndiaPlace:Date:Second Schedule[Form C] [Substituted by Notification No. IBBI/2019-20/GN/REG049, dated 25.10.2019 (w.e.f. 23.11.2016).][Under regulation 12 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016]ToThe Executive Director (IPE Division)Insolvency and Bankruptcy Board of India (IBBI)Subject: Application for recognition as an insolvency professional entity.Sir/Madam,I, having been duly authorised for the purpose, hereby apply, on behalf of [name of the applicant entity],having registered address at [registered address of the applicant], for recognition as an insolvency professional entity under sub-regulation (2) of regulation 12 of the Insolvency and Bankruptcy Board of India(Insolvency Professionals) Regulations, 2016. The details of the applicant and its directors/partners are as under:A. Details Of Applicant1. Name:
2. Address:
i. registered office:ii. principal place(s) of business, if any:iii. Address for Correspondence with the Applicantiv. E-mail address for correspondence with the Applicant:v. Telephone number for correspondence with the Applicant:3. Nature of constitution: Company /Limited Liability Partnership/ Registered Partnership (strike off whichever is not applicable)
4. Corporate Identification Number (CIN)/ LLP Identification Number (LLPIN)/ Certificate of Registration:
5. PAN:
6. GSTIN (if available):
7. Name, designation and contact details of the person authorised to make this application and correspond with the Board on behalf of applicant:
i. Name:ii. Designation:iii. Address for correspondence:iv. Mobile No./Landline No:v. E-mail address:B. Details of the Directors/Partners of the Applicant as on Date of Application| Sl. No. | Name of the director/ partner | Address of the director/ partner | DIN/DPIN (if available) | PAN | Registration No. as an insolvency professional | Professional membership No. (if applicable) | % share in shares/capital contributed | Whether Whole Time Director (Yes/No) |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) |
1. Sole objective of the applicant as per its constitutional document [Description of the sole objective]:
2. Net worth of the applicant as on ..... (Date should not be earlier than more 90 days from the date of application):
3. Details of shareholding or partner's contribution in the applicant:
| Sl. No. | Name of Partner | Amount (Rs.) of capital contribution | % share in total capital contribution | Whether partner is an insolvency professional(Yes/No) | Registration No. as an insolvency professional,if applicable |
| (1) | (2) | (3) | (4) | (5) | (6) |
| Sl. No. | Name of Shareholder | Number of shares held | % of shares held | Whether shareholder is a director (Yes/No) | Whether shareholder is an insolvencyprofessional (Yes/No) | Registration no. as an insolvency professional,if applicable |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) |
5. Whether the applicant was at any time in the past derecognised as an insolvency professional entity. (Yes/No)
If yes, please furnish the date of derecognition and ground for derecognition.6. Whether any disciplinary proceeding has been initiated by the Board (IBBI) or the Insolvency Professional Agency against any director(s)/partner(s), who was/is/are insolvency professional(s). (Yes/No) If yes, please provide details.
AffirmationI, on behalf of [name of the applicant entity], affirm that -2. I affirm that the information furnished in this application is correct and complete to the best of my knowledge and belief.
3. I, on behalf of [name of the applicant entity], undertake to comply with the requirements of the Insolvency and Bankruptcy Code, 2016, rules, regulations, guidelines and circulars issued thereunder, and such other terms and conditions as may be imposed by the Board while granting the certificate of recognition.
Yours faithfully,Authorised Signatory1. Copy of Board/Partners' Resolution authorising the person to make this application and make correspondence with the Board
2. Copy of CIN/LLPIN/Certificate of Registration of the applicant
3. Copy of PAN of the applicant
4. Copy of GST Registration Certificate of the applicant
5. Copy of Memorandum of Association/LLP Agreement/Registered Partnership Deed of the applicant
6. Copy of certificate of net worth issued by the Chartered Accountant, if any
7. Copy of Financial Statements of the applicant (including Provisional Financial Statements, as on same date on which net worth of applicant has been submitted)
8. Copy of Certificate of Registration issued by the Board to IPs who are directors or partners, as the case may be, of applicant
9. Evidence of deposit/payment of fee, along with GST, as required under regulation 12(2) of IP Regulations.
Annexure to Form CPart I – General
1. Name of the applicant:
2. Address of registered office and principal place of business of the applicant:
3. Corporate Identification Number (CIN)/Certificate of Registration:
4. PAN:
5. Name, designation and contact details of the person authorized to make this application and correspond with the Board in this respect:
Part II – Directors/Partners
1. Please state the details of all directors/partners of the applicant:
| Sl No. | Name and address of the director/partner | DIN | PAN | Registration No. as an insolvency professional | Professional membership No. |
1. In exercise of the powers conferred by Regulation 13 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 the Board hereby grants a certificate recognising [insert name], as an insolvency professional entity.
2. This certificate of recognition shall be valid from [insert start date].
Sd/-(Name and Designation)For and on behalf of Insolvency and Bankruptcy Board of IndiaPlace:Date:[Form E] [Inserted by Notification No. IBBI/2018-19/GN/REG036, dated 11.10.2018 (w.e.f. 23.11.2016).][Under Regulation 7 (2)(ca) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016]ToThe General Manager (IP Division)Insolvency and Bankruptcy Board of IndiaSubject: Annual statement of professional fee of insolvency professional.Sir / Madam,1. I, [Insert name] hereby submit the annual statement of professional fee earned (whether received or not) by me from my services as an insolvency professional in the financial year [insert financial year], as under:
| Sl. No. | Name of Debtor | Services rendered as (IRP / RP / Liquidator /Trustee / Other, if any) | Professional fee as an insolvency professionalfor the year (Rs.) |
| 1 | |||
| 2 | |||
| 3 | |||
| Total |
2. The following amounts are payable to the Board:
| Sl.No. | Underregulation | AmountPayable (Rs.) |
| 1 | Regulation7(2)(ca) | |
| 2 | Regulation15, being interest from … to ….. | |
| Total |
3. A sum of Rs. ......., as worked out in Para 2 above, has been deposited into the account of the Board, vide ........
4. I, [insert name], hereby affirm that -
i. all information contained in this statement is true and correct in all material respects andii. no material information relevant for the purpose of this statement has been suppressed.Yours faithfully, -----------------Place:Date: -----------------| Description | Particulars |
| Details ofdirector/partner(a) Name(b) Registration No. as IP (if applicable)(c) Date of registration (if applicable)(d) E-mail address registered with the Board as IP (ifapplicable) | |
| Details of cessation(a) Date of cessation as director/partner(b) Whether ceased as Whole Time Director(c) Reason of cessation (Resignation/Removal/any other)(d) Date of filing of cessation with the concerned authority |
| Description | Particulars |
| Details of director /partner(a) Name(b) Registration No. as IP (if applicable)(c) Date of Registration (if applicable)(d) E-mail address registered with the Board as IP (Ifapplicable) | |
| Details of joining(a) Date of Joining as director/partner(b) Whether Joined as Whole Time Director(c) Date of filing of joining with the concerned authority |
| Sl. No. | Composition (beforecessation/joining) | Composition (after cessation/joining) | ||||||
| Name of the director/ partner | Designation (whole time director/director /partner, as the case may be) | Status as an IP | Name of the director/ partner, as the case may be | Designation (whole time director/director /partner, as the case may be) | Status as an IP | |||
| Yes/No | If yes, IP Registration Number | Yes/No | If yes, IP Registration Number | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) |
2. I, on behalf of [name of the insolvency professional entity], hereby declare that all information contained in this form are complete and correct to the best of my knowledge and belief.
Yours faithfully,(Authorised Signatory)1. Affirmation of the director/partner (In Annexure I/II) ceasing or joining as director/partner of the IPE
2. Evidence of deposit/payment of fee, along with GST, as required under the regulation 13(2)(b), 13(2)(c) and 15, as the case may be. (Please note that a fee of rupees two thousand, plus GST as applicable, is payable in respect of cessation/joining of each director/partner).
Annexure 1 to Form F[Under regulation 13 (2) (b) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016]ToThe Executive Director (IPE Division)Insolvency and Bankruptcy Board of IndiaSubject: Declaration on cessation of a Director/Partner of (Name of the IPE).Sir/Madam,I _________________________________ (name), hereby affirm that I have ceased to be a director/partner of the _________________________(name of IPE) bearing IPE recognition No.________________with effect from ____________ (dd-mm-yyyy). I shall, however, remain liable for every act of omission or commission by the IPE when I was its director/partner.Yours faithfully,(Name of ex-Director/ex-Partner)Annexure 2 to Form F[Under regulation 13 (2) (c) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016]ToThe Executive Director (IPE Division)Insolvency and Bankruptcy Board of IndiaSubject: Affidavit on joining as Director/Partner of (Name of IPE)Sir/Madam,I _________________________________ (name) hereby affirm that I have joined as a director/partner _________________________________________ (name of an IPE) bearing IPE recognition no._________________________ with effect from ____________ (dd-mm-yyyy).I am not a director/partner in any other IPE.Yours faithfully,(Name of Director/Partner).[Form G] [Inserted by Notification No. IBBI/2018-19/GN/REG036, dated 11.10.2018 (w.e.f. 23.11.2016).][Under Regulation 13 (2) (ca) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016]ToThe General Manager (IPE Division)Insolvency and Bankruptcy Board of IndiaSubject: Annual statement of turnover of insolvency professional entity.Sir / Madam,1. I, [Insert name], being duly authorized for the purpose, hereby submit the annual statement of turnover (whether received or not) from services rendered by the (write name of the insolvency professional entity) in the financial year [insert financial year], as under:
| Sl. No. | Name of Debtor | Name of IP who rendered services as IRP / RP /Liquidator/ Trustee / Other, if any | Broad description of kind of service rendered | Turnover from services rendered in the year(In Rs.) |
| 1 | ||||
| 2 | ||||
| 3 | ||||
| Total |
2. The following amounts are payable to the Board:
| Sl.No. | Underregulation | AmountPayable (Rs.) |
| 1 | Regulation13(2)(ca) | |
| 2 | Regulation15, being interest from … to ….. | |
| Total |
3. A sum of Rs. ...., as worked out in Para 2 above, has been deposited into the account of the Board, vide .....
4. 4. I, on behalf of [insert name of entity], hereby affirm that
i. all information contained in this statement is true and correct in all material respects andii. no material information relevant for the purpose of this statement has been suppressed.Yours faithfully,Place:Date(Authorised Signatory)(Name)Designation)(IPE Name)(IPE Recognition Number)[Form H] [Inserted by Notification No. IBBI/2019-20/GN/REG049, dated 25.10.2019 (w.e.f. 23.11.2016).][Under regulation 13(2) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016]ToThe Executive Director (IPE Division)Insolvency and Bankruptcy Board of IndiaSubject: Compliance Certificate under sub-regulation 2 (cb) of regulation 13 of Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.Sir/Madam,I, [name of the authorised signatory], having been authorised for the purpose, on behalf of [name of insolvency professional entity] with [recognition number of the insolvency professional entity], hereby affirm that the insolvency professional entity has2. I, on behalf of [name of the insolvency professional entity], hereby submit the following information, reflecting the status as on 31st March _____ (Year):
| SI. No. | Name of the director/ partner | Address of the director/ partner | DIN/DPIN (if available) | PAN | Registration No. as an insolvency professional | Professional membership No. (if applicable) | % share in shares/capital contributed | Whether Whole Time Director (Yes/No) |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) |