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Regulation 7. Certificate of registration
(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 registration to the applicant to carry on the activities of an insolvency professional in Form B of the Second Schedule to these Regulations, within 16 [thirty days]of receipt of the application, excluding the time given by the Board for presenting additional documents, information or clarification, or appearing in person, as the case may be. (2) The registration shall be subject to the conditions that the insolvency professional shall - (a) at all times abide by the Code, rules, regulations, and guidelines thereunder and the bye- laws of the insolvency professional agency with which he is enrolled; (b) at all times continue to satisfy the requirements under Regulation 4; 17 [(ba) undergo continuing professional education, as may be required by the Board; (bb) not outsource any of 18 [its] duties and responsibilities under the Code, except those specifically permitted by the Board.] 19 [(c) pay to the Board, a fee of twenty thousand rupees, in case the insolvency professional is an individual or a fee of two lakh rupees, in case the insolvency professional is an insolvency 15 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: “his”. 16 Substituted by Notification No. IBBI/2023-24/GN/REG104, dated 18th September, 2023 (w.e.f. 18.09.2023). The words before substitution, stood as “sixty days”. 17 Inserted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01.04.2018). 18 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: “his”. 19 Substituted by Notification No. IBBI/2022-23/GN/REG097, dated 20th September, 2022 (w.e.f. 01.10.2022). Clause (c) before substitution stood as: “pay to the Board, a fee of ten thousand rupees, every five years after the year in which the certificate is granted and such fee shall be paid on or before the 30th April of the year it falls due; Illustration Where registration is granted on 2nd February, 2018 in the year 2017-18, the fee shall become due on 1st April, 2023, after five years (2018-19, 2019-20, 2020-21, 2021-22 and 2022-23) and it shall be paid on or before the 30th April, 2023.”
professional entity, every five years after the year in which the certificate is granted and such fee shall be paid on or before the 30th April of the year it falls due. Illustration Where registration is granted on 2nd February, 2022 in the year 2021-22, the fee shall become due on 1st April, 2027, after five years (2022-23, 2023-24, 2024-25, 2025-26 and 2026-27) and it shall be paid on or before the 30th April, 2027] (ca) pay to the Board, a fee calculated at the rate of 20 [one per cent] of the professional fee earned for the services rendered by 21 [it] as an insolvency professional in the preceding financial year, on or before the 30th of April every year, along with a statement in Form E of the Second Schedule;] 22 [Provided that for the financial year 2019-2020, an insolvency professional shall pay the fee under this clause on or before the 30th June, 2020.] 23 [Provided further that for the financial year 2020-2021, an insolvency professional shall pay the fee under this clause on or before the 30th June, 2021.] 24 [Provided further that where the insolvency professional is an insolvency professional entity, it shall pay to the Board, a fee calculated at the rate of one per cent. of professional fee earned for the services rendered as an insolvency professional in the preceding financial year on or before the 30th day of April every year, along with a statement in Form G of the Second Schedule.] 25 [(cb) pay to the Board, a fee specified under sub-regulation (2) of regulation 31A of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, within a period of thirty days, after end of each quarter or upon closure of the processes whichever is earlier, along with a statement in Form EA of the Second Schedule. Explanation: “quarter” means the period of three months commencing on the first day of January. April, July or October of a financial year.] 20 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 percent”. 21 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: “him”. 22 Inserted by Notification No. IBBI/2020-21/GN/REG057, dated 20th April, 2020 (w.e.f. 28.03.2020). 23 Inserted by Notification No. IBBI/2021-22/GN/REG073 dated 27th April, 2021 (w.e.f. 27.04.2021). 24 Inserted by Notification No. IBBI/2022-23/GN/REG097, dated 20th September, 2022 (w.e.f. 01.10.2022). 25 Inserted by Notification No. IBBI/2022-23/GN/REG097, dated 20th September, 2022 (w.e.f. 01.10.2022).
(d) not render services as an insolvency professional unless he becomes a partner or director of an insolvency professional entity recognised by the Board under Regulation 13, if he is not a citizen of India; (e) take prior permission of the Board for shifting 26 [its] professional membership from one insolvency professional agency to another, after receiving no objection from both the concerned insolvency professional agencies; (f) take adequate steps for redressal of grievances; (g) maintain records of all assignments undertaken by 27 [it] under the Code for at least three years from the completion of such assignment; (h) abide by the Code of Conduct specified in the First Schedule to these Regulations; and 28 [(ha) in case an insolvency professional entity is an insolvency professional, it shall allow only a partner or director, as the case may be, who is an insolvency professional and holds a valid authorisation for assignment to sign and act on behalf of it,] (i) abide by such other conditions as may be imposed by the Board. 29 [Provided that clause (ba) and clause (d) shall not be applicable to an insolvency professional which is insolvency professional entity.] 30 [Authorisation for assignment. 7A. An insolvency professional shall not accept or undertake an assignment after 31st December, 2019 unless 31 [it] 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- (a) 31st December, 2019; or 26 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: “his”. 27 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: “him”. 28 Inserted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022). 29 Inserted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022). 30 Inserted by Notification No. IBBI/2019-20/GN/REG045, dated 23rd July, 2019 (w.e.f. 23.07.2019). 31 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:“it”.
(b) the date of expiry of his authorisation for assignment.]
(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 registration to the applicant to carry on the activities of an insolvency professional in Form B of the Second Schedule to these Regulations, within 16 [thirty days]of receipt of the application, excluding the time given by the Board for presenting additional documents, information or clarification, or appearing in person, as the case may be. (2) The registration shall be subject to the conditions that the insolvency professional shall - (a) at all times abide by the Code, rules, regulations, and guidelines thereunder and the bye- laws of the insolvency professional agency with which he is enrolled; (b) at all times continue to satisfy the requirements under Regulation 4; 17 [(ba) undergo continuing professional education, as may be required by the Board; (bb) not outsource any of 18 [its] duties and responsibilities under the Code, except those specifically permitted by the Board.] 19 [(c) pay to the Board, a fee of twenty thousand rupees, in case the insolvency professional is an individual or a fee of two lakh rupees, in case the insolvency professional is an insolvency 15 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: “his”. 16 Substituted by Notification No. IBBI/2023-24/GN/REG104, dated 18th September, 2023 (w.e.f. 18.09.2023). The words before substitution, stood as “sixty days”. 17 Inserted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01.04.2018). 18 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: “his”. 19 Substituted by Notification No. IBBI/2022-23/GN/REG097, dated 20th September, 2022 (w.e.f. 01.10.2022). Clause (c) before substitution stood as: “pay to the Board, a fee of ten thousand rupees, every five years after the year in which the certificate is granted and such fee shall be paid on or before the 30th April of the year it falls due; Illustration Where registration is granted on 2nd February, 2018 in the year 2017-18, the fee shall become due on 1st April, 2023, after five years (2018-19, 2019-20, 2020-21, 2021-22 and 2022-23) and it shall be paid on or before the 30th April, 2023.”
professional entity, every five years after the year in which the certificate is granted and such fee shall be paid on or before the 30th April of the year it falls due. Illustration Where registration is granted on 2nd February, 2022 in the year 2021-22, the fee shall become due on 1st April, 2027, after five years (2022-23, 2023-24, 2024-25, 2025-26 and 2026-27) and it shall be paid on or before the 30th April, 2027] (ca) pay to the Board, a fee calculated at the rate of 20 [one per cent] of the professional fee earned for the services rendered by 21 [it] as an insolvency professional in the preceding financial year, on or before the 30th of April every year, along with a statement in Form E of the Second Schedule;] 22 [Provided that for the financial year 2019-2020, an insolvency professional shall pay the fee under this clause on or before the 30th June, 2020.] 23 [Provided further that for the financial year 2020-2021, an insolvency professional shall pay the fee under this clause on or before the 30th June, 2021.] 24 [Provided further that where the insolvency professional is an insolvency professional entity, it shall pay to the Board, a fee calculated at the rate of one per cent. of professional fee earned for the services rendered as an insolvency professional in the preceding financial year on or before the 30th day of April every year, along with a statement in Form G of the Second Schedule.] 25 [(cb) pay to the Board, a fee specified under sub-regulation (2) of regulation 31A of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, within a period of thirty days, after end of each quarter or upon closure of the processes whichever is earlier, along with a statement in Form EA of the Second Schedule. Explanation: “quarter” means the period of three months commencing on the first day of January. April, July or October of a financial year.] 20 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 percent”. 21 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: “him”. 22 Inserted by Notification No. IBBI/2020-21/GN/REG057, dated 20th April, 2020 (w.e.f. 28.03.2020). 23 Inserted by Notification No. IBBI/2021-22/GN/REG073 dated 27th April, 2021 (w.e.f. 27.04.2021). 24 Inserted by Notification No. IBBI/2022-23/GN/REG097, dated 20th September, 2022 (w.e.f. 01.10.2022). 25 Inserted by Notification No. IBBI/2022-23/GN/REG097, dated 20th September, 2022 (w.e.f. 01.10.2022).
(d) not render services as an insolvency professional unless he becomes a partner or director of an insolvency professional entity recognised by the Board under Regulation 13, if he is not a citizen of India; (e) take prior permission of the Board for shifting 26 [its] professional membership from one insolvency professional agency to another, after receiving no objection from both the concerned insolvency professional agencies; (f) take adequate steps for redressal of grievances; (g) maintain records of all assignments undertaken by 27 [it] under the Code for at least three years from the completion of such assignment; (h) abide by the Code of Conduct specified in the First Schedule to these Regulations; and 28 [(ha) in case an insolvency professional entity is an insolvency professional, it shall allow only a partner or director, as the case may be, who is an insolvency professional and holds a valid authorisation for assignment to sign and act on behalf of it,] (i) abide by such other conditions as may be imposed by the Board. 29 [Provided that clause (ba) and clause (d) shall not be applicable to an insolvency professional which is insolvency professional entity.] 30 [Authorisation for assignment. 7A. An insolvency professional shall not accept or undertake an assignment after 31st December, 2019 unless 31 [it] 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- (a) 31st December, 2019; or 26 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: “his”. 27 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: “him”. 28 Inserted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022). 29 Inserted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022). 30 Inserted by Notification No. IBBI/2019-20/GN/REG045, dated 23rd July, 2019 (w.e.f. 23.07.2019). 31 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:“it”.
(b) the date of expiry of his authorisation for assignment.]
CHAPTER III REGISTRATION OF INSOLVENCY PROFESSIONALS