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

Regulation Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Third Amendment) Regulations, 2022. . Comments Reg 6 (1) An individual enrolled with an insolvency professional agency as a professional member may make an application to the Board in Form A of the Second Schedule to these Regulations, along with a non-refundable application fee of ten thousand rupees to the Board. An individual enrolled with an insolvency professional agency as a professional member may make an application to the Board in Form A of the Second Schedule to these Regulations, along with a non-refundable application fee of twenty thousand rupees to the Board. The words “ten”, the words “twenty” shall be substituted. Reg 7 in sub -regulation (2) for sub clause (c) Sub clause (ca) New proviso inserted After sub clause (ca) new sub clause inserted 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. pay to the Board, a fee calculated at the rate of 0.25 percent of the professional fee earned for the services rendered by him 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 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 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 pay to the Board, a fee calculated at the rate of one percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or before the 30th of A