Section 204 in Insolvency And Bankruptcy Code, 2016
204. Functions of insolvency professional agencies.
- An insolvency professional agency shall perform the following functions, namely:-(a)grant membership to persons who fulfil all requirements set out in its byelaws on payment of membership fee;(b)lay down standards of professional conduct for its members;(c)monitor the performance of its members;(d)safeguard the rights, privileges and interests of insolvency professionals who are its members;(e)suspend or cancel the membership of insolvency professionals who are its members on the grounds set out in its bye-laws;(f)redress the grievances of consumers against insolvency professionals who are its members; and(g)publish information about its functions, list of its members, performance of its members and such other information as may be specified by regulations.
