Regulation 5

if he – (a) has passed the Limited Insolvency Examination within twelve months before the date of his application for enrolment with the insolvency professional agency; (b) has completed a pre-registration educational course 7 [within twelve months from the date of payment of non-refundable application fee under regulation 6], as may be required by the Board, from an insolvency professional agency after his enrolment as a professional member; and (c) has- (i) successfully completed the National Insolvency Programme, as may be approved by the Board; (ii) successfully completed the 8 [Post] Graduate Insolvency Programme, as may approved by the Board; 9 [(iii) experience of - (a) ten years in the field of law, after receiving a Bachelor’s degree in law; (b) ten years in management, after receiving a Master’s degree in Management or two-year full time Post Graduate Diploma in Management; or (c) fifteen years in management, after receiving a Bachelor’s degree, from a university established or recognised by law or an Institute approved by All India Council of Technical Education; or] (iv) ten years’ of experience as – (a) chartered accountant registered as a member of the Institute of Chartered Accountants of India, (b) company secretary registered as a member of the Institute of Company Secretaries of India, (c) cost accountant registered as a member of the Institute of Cost Accountants of India, or (d) advocate enrolled with the Bar Council.] 10 [Explanation 1.- For the purposes of this regulation, only professional and managerial experience shall be considered. Explanation 2.- For the purpose of computing,- (a) the total experience of 10 or 15 years under sub-clause (iii), there shall be included experience of any period under sub-clause (iv); 7 Inserted by Notification No. IBBI/2023-24/GN/REG104, dated 18th September, 2023 (w.e.f. 18.09.2023). 8 Inserted by Notification No. IBBI/2023-24/GN/REG103, dated 20th July, 2023 (w.e.f. 20.07.2023). 9 Substituted by Notification No. IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021). Regulation 5(c)(iii), before substitution, stood as under: “(iii) fifteen years’ of experience in management, after receiving a Bachelor’s degree from a university established or recognised by law; or” 10 Inserted by Notification No. IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021).

(b) the total experience of 10 years under sub-clause (iv), there shall be included experience of any period under any of the items of that sub-clause. Illustration 1 Where an individual has experience of nine years under sub-clause (iii) and experience of six years under sub-clause (iv), he shall be considered having experience of fifteen years for the purposes of sub-clause (iii). Illustration 2 Where an individual has experience of 6 years under item (a) of sub-clause (iv) and experience of four years under item (d) of sub-clause (iv), he shall be considered as having total experience of 10 years for the purposes of sub-clause (iv).]