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Regulation 11. The disciplinary proceedings shall be conducted in accordance with the provisions of Insolvency
and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017.] Recognition of Insolvency Professional Entities. d. the provisions of the Code, rules, regulations and guidelines thereunder allegedly violated, or the manner in which the public interest is allegedly affected; e. the actions or directions that the Board proposes to take or issue if the allegations are established; f. the manner in which the insolvency professional is required to respond to the show-cause notice; g. consequences of failure to respond to the show-cause notice; and h. procedure to be followed for disposal of the show-cause notice. (3) The show-cause notice shall enclose copies of documents relied upon and extracts of relevant portions from the report of investigation or inspection, or other records. (4) A show-cause notice issued shall be served on the insolvency professional in the following manner- (a) by sending it to the insolvency professional, at the address provided by him or provided by the insolvency professional agency with which he is enrolled, by registered post with acknowledgement due; or (b) by an appropriate electronic means to the email address of the insolvency professional, provided by him or provided by the insolvency professional agency with which he is enrolled. (5) The Board shall constitute a Disciplinary Committee for disposal of the show-cause notice. (6) The Disciplinary Committee shall endeavour to dispose of the show-cause notice within a period of six months of the assignment. (7) The Disciplinary Committee shall dispose of the show-cause notice assigned under sub-regulation (5) by a reasoned order in adherence to principles of natural justice, and after considering the submissions, if any, made by the insolvency professional, the relevant material facts and circumstances, and the material on record. (8) The order disposing of a show-cause notice may provide for- (a) no action; (b) warning; [(ba) suspension or cancellation of authorisation for assignment;] (c) any of the actions under section 220(2) to (4); or (d) a reference to the Board to take any action under section 220(5). (9) The order passed under sub-regulation (7) shall not become effective until thirty days have elapsed from the date of issue of the order unless the Disciplinary Committee states otherwise in the order along with the reason for the same. (10) The order passed under sub-regulation (7) shall be issued to the insolvency professional, with a copy issued to the insolvency professional agency with which he is enrolled immediately, and be published on the website of the Board.”
12. 42 [(1) A company, a registered partnership firm or a limited liability partnership may be recognised as an insolvency professional entity, if – 43 [(a) its objective is to provide support services to insolvency professionals or to carry on the activities of an insolvency professional or both.] (b) it has a net worth of not less than one crore rupees; 44 [(c) majority of its equity shares and voting rights are 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: 45 [Provided that the insolvency professional entities recognised before the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2021 shall comply with the provisions of clauses (b) and (c) on or before 31st December 2021. Explanation.- For the purposes of clause (b) of this sub-regulation, ‘net worth’ means- 42 Substituted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01.04.2018). Sub regulation (1) of Regulation 12, before substitution, stood as under: “A limited liability partnership, a registered partnership firm or a company may be recognised as an insolvency professional entity if- (a) a majority of the partners of the limited liability partnership or registered partnership firm are registered as insolvency professionals; or (b) a majority of the whole-time directors of the company are registered as insolvency professionals, as the case may be.” 43 Substituted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022). The words before substitution, stood as under: “its sole objective is to provide support services to insolvency professionals.” 44 Substituted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022). The words before substitution, stood as under: “majority of 44 [its equity shares] is held by insolvency professionals, who are its directors, in case it is a company;” 45 Substituted by Notification No IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021). The proviso, before substitution stood as under: “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.”
(i) the net worth as defined under section 2(57) of the Companies Act, 2013 in case of a company; (ii) sum of partners’ contribution in the capital account and their undistributed profits net of accumulated losses, if any, in case of a registered partnership firm or limited liability partnership.] 46 [(2) A person eligible under sub-regulation (1) may make an application for recognition as an insolvency professional entity to the Board in Form C of the Second Schedule along with an application fee of 47 [two lakh] rupees.] 48 [(3) The Board shall acknowledge an application made under this regulation within seven days of its receipt. (4) The Board may, after examination of the application,- (i) require the applicant to submit, within reasonable time, additional documents, information or clarification; (ii) inspect or inquire the applicant; (iii) require any of the directors or partners of the applicant to appear, within a reasonable time, before it in person for any clarifications, as may be necessary for the purpose of considering the application.] 13. 49 [ (1)(a) Where the Board, after consideration of the application under sub-regulation (4) of regulation 12,- (i) is satisfied that the applicant is eligible under these Regulations, it may grant a certificate of recognition as an insolvency professional entity within sixty days of receipt of the application, excluding the time taken by the applicant for submitting additional documents, information or clarification, or appearing in person, as the case may be, under sub-regulation (4) of regulation 12; (ii) is of the prima facie opinion that the recognition ought not be granted, it shall communicate such opinion along with reasons thereof and provide the applicant an opportunity to submit its 46 Substituted by Notification No. IBBI/2018-19/GN/REG036, dated 11th October, 2018 (w.e.f.11.10.2018). Sub - regulation (2), before substitution, stood as under: “(2) A person eligible under sub-regulation (1) may make an application for recognition as an insolvency professional entity to the Board in Form C of the Second Schedule to these Regulations.” 47 Substituted by Notification No. IBBI/2022-23/GN/REG097, dated 20th September, 2022 (w.e.f. 01.10.2022). Words before substitution stood as: “fifty thousand”. 48 Inserted by Notification No IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021). 49 Substituted by Notification No IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021). Sub-regulation (1), before substitution stood as under: “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.”
explanation within fifteen days of the receipt of the communication from the Board, to enable it to form a final opinion. (b) The Board shall, within thirty days of receipt of the explanation, if any, submitted by the applicant under clause (a), - (i) grant a certificate of recognition as an insolvency professional entity; or (ii) reject the application by an order, after recording reasons thereof. (c)The Board shall grant a certificate of recognition as an insolvency professional entity under clause (a) or (b) in Form D of the Second Schedule.] (2) The recognition shall be subject to the conditions that the insolvency professional entity shall- (a) at all times continue to satisfy the requirements under Regulation 12; 50 [(b) inform the Board, within 51 [thirty] 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; 52 [Provided that when an individual ceases to be its director or partner, as the case may be, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2020 and ending on the 31st December 2020, the insolvency professional entity shall inform the Board, within thirty days of such cessation;] 53 [Provided further that when an individual ceases to be its director or partner, as the case may be, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2021 and ending on the 31st December 2021, the insolvency professional entity shall inform the Board, within thirty days of such cessation.] 50 Substituted by Notification No. IBBI/2018-19/GN/REG036, dated 11th October, 2018 (w.e.f.11.10.2018). Clauses (b) & (c) of sub -regulation (2), before substitution, stood as under: (a) inform the Board, within seven days, when an insolvency professional ceases to be its director or partner, as the case may be, (b) inform the Board, within seven days, when an insolvency professional joins as its director or partner, as the case may be, and” 51 Substituted by Notification No IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021). The word, before substitution stood as under: “seven” 52 Inserted by Notification No. IBBI/2020-21/GN/REG057, dated 20th April, 2020 (w.e.f. 28.03.2020). 53 Inserted by Notification No. IBBI/2021-22/GN/REG073 dated 27th April, 2021 (w.e.f. 27.04.2021).
54 [Provided further that in case the insolvency professional entity is enrolled with an insolvency professional agency, the intimation under this clause shall also be made to such insolvency professional agency to update its register of professional members.] (c) inform the Board, within 55 [thirty] 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; 56 [Provided that when an individual joins as its director or partner, as the case may be, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2020 and ending on the 31st December 2020, the insolvency professional entity shall inform the Board, within thirty days of such joining;] 57 [Provided further that when an individual joins as its director or partner, as the case may be, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2021 and ending on the 31st December 2021, the insolvency professional entity shall inform the Board, within thirty days of such joining.] 58 [Provided further that in case the insolvency professional entity is enrolled with an insolvency professional agency, the intimation under this clause shall also be made to such insolvency professional agency to update its register of professional members.] (ca) pay to the Board, a fee calculated at the rate of 59 [one per cent] 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 60 [Second Schedule: Provided that for the financial year 2019-2020, an insolvency professional entity shall pay the fee under this clause on or before the 30th June, 2020; and] 61 [Provided further that for the financial year 2020-2021, an insolvency professional entity shall pay the fee under this clause on or before the 30th June, 2021; and] 54 Inserted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022). 55 Substituted by Notification No IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021). The word, before substitution stood as under: “seven” 56 Inserted by Notification No. IBBI/2020-21/GN/REG057, dated 20th April, 2020 (w.e.f. 28.03.2020). 57 Inserted by Notification No. IBBI/2021-22/GN/REG073 dated 27th April, 2021 (w.e.f. 27.04.2021). 58 Inserted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022). 59 Substituted by Notification No. IBBI/2022-23/GN/REG097, dated 20th September, 2022 (w.e.f. 01.10.2022). Words before substitution, stood as: “0.25”. 60 Substituted by Notification No. IBBI/2020-21/GN/REG057, dated 20th April, 2020 (w.e.f. 28.03.2020). Before Substitution, it stood as “Second Schedule and;”. 61 Inserted by Notification No. IBBI/2021-22/GN/REG073 dated 27th April, 2021 (w.e.f. 27.04.2021).
62 [Provided further that in case the insolvency professional entity is registered as an insolvency professional, the services for the purpose of this sub-regulation shall not include the services rendered as an insolvency professional provided under third proviso to clause (ca) of sub- regulation (2) of regulation 7.] 63 [(cb) submit to the Board, by 15th day of October every year, a compliance certificate in Form H, for the preceding financial year: 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.
and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017.] Recognition of Insolvency Professional Entities. d. the provisions of the Code, rules, regulations and guidelines thereunder allegedly violated, or the manner in which the public interest is allegedly affected; e. the actions or directions that the Board proposes to take or issue if the allegations are established; f. the manner in which the insolvency professional is required to respond to the show-cause notice; g. consequences of failure to respond to the show-cause notice; and h. procedure to be followed for disposal of the show-cause notice. (3) The show-cause notice shall enclose copies of documents relied upon and extracts of relevant portions from the report of investigation or inspection, or other records. (4) A show-cause notice issued shall be served on the insolvency professional in the following manner- (a) by sending it to the insolvency professional, at the address provided by him or provided by the insolvency professional agency with which he is enrolled, by registered post with acknowledgement due; or (b) by an appropriate electronic means to the email address of the insolvency professional, provided by him or provided by the insolvency professional agency with which he is enrolled. (5) The Board shall constitute a Disciplinary Committee for disposal of the show-cause notice. (6) The Disciplinary Committee shall endeavour to dispose of the show-cause notice within a period of six months of the assignment. (7) The Disciplinary Committee shall dispose of the show-cause notice assigned under sub-regulation (5) by a reasoned order in adherence to principles of natural justice, and after considering the submissions, if any, made by the insolvency professional, the relevant material facts and circumstances, and the material on record. (8) The order disposing of a show-cause notice may provide for- (a) no action; (b) warning; [(ba) suspension or cancellation of authorisation for assignment;] (c) any of the actions under section 220(2) to (4); or (d) a reference to the Board to take any action under section 220(5). (9) The order passed under sub-regulation (7) shall not become effective until thirty days have elapsed from the date of issue of the order unless the Disciplinary Committee states otherwise in the order along with the reason for the same. (10) The order passed under sub-regulation (7) shall be issued to the insolvency professional, with a copy issued to the insolvency professional agency with which he is enrolled immediately, and be published on the website of the Board.”
12. 42 [(1) A company, a registered partnership firm or a limited liability partnership may be recognised as an insolvency professional entity, if – 43 [(a) its objective is to provide support services to insolvency professionals or to carry on the activities of an insolvency professional or both.] (b) it has a net worth of not less than one crore rupees; 44 [(c) majority of its equity shares and voting rights are 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: 45 [Provided that the insolvency professional entities recognised before the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2021 shall comply with the provisions of clauses (b) and (c) on or before 31st December 2021. Explanation.- For the purposes of clause (b) of this sub-regulation, ‘net worth’ means- 42 Substituted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01.04.2018). Sub regulation (1) of Regulation 12, before substitution, stood as under: “A limited liability partnership, a registered partnership firm or a company may be recognised as an insolvency professional entity if- (a) a majority of the partners of the limited liability partnership or registered partnership firm are registered as insolvency professionals; or (b) a majority of the whole-time directors of the company are registered as insolvency professionals, as the case may be.” 43 Substituted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022). The words before substitution, stood as under: “its sole objective is to provide support services to insolvency professionals.” 44 Substituted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022). The words before substitution, stood as under: “majority of 44 [its equity shares] is held by insolvency professionals, who are its directors, in case it is a company;” 45 Substituted by Notification No IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021). The proviso, before substitution stood as under: “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.”
(i) the net worth as defined under section 2(57) of the Companies Act, 2013 in case of a company; (ii) sum of partners’ contribution in the capital account and their undistributed profits net of accumulated losses, if any, in case of a registered partnership firm or limited liability partnership.] 46 [(2) A person eligible under sub-regulation (1) may make an application for recognition as an insolvency professional entity to the Board in Form C of the Second Schedule along with an application fee of 47 [two lakh] rupees.] 48 [(3) The Board shall acknowledge an application made under this regulation within seven days of its receipt. (4) The Board may, after examination of the application,- (i) require the applicant to submit, within reasonable time, additional documents, information or clarification; (ii) inspect or inquire the applicant; (iii) require any of the directors or partners of the applicant to appear, within a reasonable time, before it in person for any clarifications, as may be necessary for the purpose of considering the application.] 13. 49 [ (1)(a) Where the Board, after consideration of the application under sub-regulation (4) of regulation 12,- (i) is satisfied that the applicant is eligible under these Regulations, it may grant a certificate of recognition as an insolvency professional entity within sixty days of receipt of the application, excluding the time taken by the applicant for submitting additional documents, information or clarification, or appearing in person, as the case may be, under sub-regulation (4) of regulation 12; (ii) is of the prima facie opinion that the recognition ought not be granted, it shall communicate such opinion along with reasons thereof and provide the applicant an opportunity to submit its 46 Substituted by Notification No. IBBI/2018-19/GN/REG036, dated 11th October, 2018 (w.e.f.11.10.2018). Sub - regulation (2), before substitution, stood as under: “(2) A person eligible under sub-regulation (1) may make an application for recognition as an insolvency professional entity to the Board in Form C of the Second Schedule to these Regulations.” 47 Substituted by Notification No. IBBI/2022-23/GN/REG097, dated 20th September, 2022 (w.e.f. 01.10.2022). Words before substitution stood as: “fifty thousand”. 48 Inserted by Notification No IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021). 49 Substituted by Notification No IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021). Sub-regulation (1), before substitution stood as under: “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.”
explanation within fifteen days of the receipt of the communication from the Board, to enable it to form a final opinion. (b) The Board shall, within thirty days of receipt of the explanation, if any, submitted by the applicant under clause (a), - (i) grant a certificate of recognition as an insolvency professional entity; or (ii) reject the application by an order, after recording reasons thereof. (c)The Board shall grant a certificate of recognition as an insolvency professional entity under clause (a) or (b) in Form D of the Second Schedule.] (2) The recognition shall be subject to the conditions that the insolvency professional entity shall- (a) at all times continue to satisfy the requirements under Regulation 12; 50 [(b) inform the Board, within 51 [thirty] 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; 52 [Provided that when an individual ceases to be its director or partner, as the case may be, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2020 and ending on the 31st December 2020, the insolvency professional entity shall inform the Board, within thirty days of such cessation;] 53 [Provided further that when an individual ceases to be its director or partner, as the case may be, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2021 and ending on the 31st December 2021, the insolvency professional entity shall inform the Board, within thirty days of such cessation.] 50 Substituted by Notification No. IBBI/2018-19/GN/REG036, dated 11th October, 2018 (w.e.f.11.10.2018). Clauses (b) & (c) of sub -regulation (2), before substitution, stood as under: (a) inform the Board, within seven days, when an insolvency professional ceases to be its director or partner, as the case may be, (b) inform the Board, within seven days, when an insolvency professional joins as its director or partner, as the case may be, and” 51 Substituted by Notification No IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021). The word, before substitution stood as under: “seven” 52 Inserted by Notification No. IBBI/2020-21/GN/REG057, dated 20th April, 2020 (w.e.f. 28.03.2020). 53 Inserted by Notification No. IBBI/2021-22/GN/REG073 dated 27th April, 2021 (w.e.f. 27.04.2021).
54 [Provided further that in case the insolvency professional entity is enrolled with an insolvency professional agency, the intimation under this clause shall also be made to such insolvency professional agency to update its register of professional members.] (c) inform the Board, within 55 [thirty] 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; 56 [Provided that when an individual joins as its director or partner, as the case may be, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2020 and ending on the 31st December 2020, the insolvency professional entity shall inform the Board, within thirty days of such joining;] 57 [Provided further that when an individual joins as its director or partner, as the case may be, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2021 and ending on the 31st December 2021, the insolvency professional entity shall inform the Board, within thirty days of such joining.] 58 [Provided further that in case the insolvency professional entity is enrolled with an insolvency professional agency, the intimation under this clause shall also be made to such insolvency professional agency to update its register of professional members.] (ca) pay to the Board, a fee calculated at the rate of 59 [one per cent] 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 60 [Second Schedule: Provided that for the financial year 2019-2020, an insolvency professional entity shall pay the fee under this clause on or before the 30th June, 2020; and] 61 [Provided further that for the financial year 2020-2021, an insolvency professional entity shall pay the fee under this clause on or before the 30th June, 2021; and] 54 Inserted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022). 55 Substituted by Notification No IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021). The word, before substitution stood as under: “seven” 56 Inserted by Notification No. IBBI/2020-21/GN/REG057, dated 20th April, 2020 (w.e.f. 28.03.2020). 57 Inserted by Notification No. IBBI/2021-22/GN/REG073 dated 27th April, 2021 (w.e.f. 27.04.2021). 58 Inserted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022). 59 Substituted by Notification No. IBBI/2022-23/GN/REG097, dated 20th September, 2022 (w.e.f. 01.10.2022). Words before substitution, stood as: “0.25”. 60 Substituted by Notification No. IBBI/2020-21/GN/REG057, dated 20th April, 2020 (w.e.f. 28.03.2020). Before Substitution, it stood as “Second Schedule and;”. 61 Inserted by Notification No. IBBI/2021-22/GN/REG073 dated 27th April, 2021 (w.e.f. 27.04.2021).
62 [Provided further that in case the insolvency professional entity is registered as an insolvency professional, the services for the purpose of this sub-regulation shall not include the services rendered as an insolvency professional provided under third proviso to clause (ca) of sub- regulation (2) of regulation 7.] 63 [(cb) submit to the Board, by 15th day of October every year, a compliance certificate in Form H, for the preceding financial year: 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.
CHAPTER III REGISTRATION OF INSOLVENCY PROFESSIONALS