Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Fourth Amendment) Regulations, 2022

Regulation Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Fourth Amendment) Regulations, 2022. Comments Regulation 2, in sub-regulation (1), in clause (g), “professional member” means an individual who has been enrolled as a member of an insolvency professional agency “professional member” means an individual or an insolvency professional entity recognised by the Board under regulation 13 who has been enrolled as a member of an insolvency professional agency The words “an individual”, the words “an individual or an insolvency professional entity recognised by the Board under regulation 13” shall be substituted. Regulation 4 Eligibility after sub regulation (1) new regulation inserted No insolvency professional entity, recognised by the Board under regulation 13, shall be eligible to be registered as an insolvency professional, if the entity and/or any of its partner or director, as the case may be, is not fit and proper person under clause (g) of sub-regulation (1). No insolvency professional entity, recognised by the Board under regulation 13, shall be eligible to be registered as an insolvency professional, if the entity and/or any of its partner or director, as the case may be Regulation 6 Application for certificate of registration after sub-regulation (1) new sub regulation is inserted An insolvency professional entity eligible for registration as an insolvency professional under sub-regulation (2) of regulation 4 may make an application to the Board in Form AA of Second Schedule along with a non-refundable application fee of two lakh rupees.” 6. In the principal regulations, in regulation 7, in sub-regulation (2), An insolvency professional entity eligible for registration as an insolvency professional under sub-regulation (2) of regulation 4 may make an application to the Board in Form AA of Second Schedule along with a non-refundable application fee of two lakh rupees Regulation 7 Certificate of registration,in sub-regulation (2) after clause (h) new sub clause inserted (ha) After clause (i),new Proviso shall be inserted, namely 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 Provided that clause (ba) and clause (d) shall not be applicable t