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INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY
PROFESSIONALS) REGULATIONS, 20161
[AMENDED UPTO 20-11-2025]
In exercise of the powers conferred by sections 196, 207 and 208 read with section 240 of the
Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Board hereby makes the following
Regulations, namely-
CHAPTER I
GENERAL
Short title and commencement.
1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) Regulations, 2016.
(2) These Regulations shall come into force on 29th November, 2016.
Definitions.
2. (1) In these Regulations, unless the context otherwise requires -
2[(a) “assignment” means any assignment of an insolvency professional as interim resolution
professional, resolution professional, liquidator, bankruptcy trustee, authorised representative
or in any other role under the Code;
(aa) “authorisation for assignment” means an authorisation to undertake an assignment, issued
by an insolvency professional agency to an insolvency professional, who is its professional
member, in accordance with its bye-laws;
(ab) “Bar Council” means a Bar Council constituted under the Advocates Act, 1961 (25 of
1961);]
(b) “certificate of registration” means a certificate of registration granted by the Board under
section 207 of the Code read with these Regulations;
(c) “Code” means the Insolvency and Bankruptcy Code, 2016 (31 of 2016);
(d) “Institute of Chartered Accountants of India” means the Institute constituted under the
Chartered Accountants Act, 1949 (38 of 1949);
1 Vide Notification No. IBBI/2016-17/GN/REG003, dated 23rd November, 2016 published in the Gazette of India,
Extraordinary, Part III, Sec.4, vide No. 424, dated 23rd November, 2016 (w.e.f. 29.11.2016).
2 Substituted by Notification No. IBBI/2019-20/GN/REG045, dated 23rd July, 2019 (w.e.f. 23.07.2019). Clause (a), before
substitution, stood as under:
‘(a) “Bar Council” means a Bar Council constituted under the Advocates Act, 1961 (25 of 1961);’
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(e) “Institute of Cost Accountants of India” means the Institute constituted under the Cost and
Works Accountants Act, 1959 (23 of 1959);
(f) “Institute of Company Secretaries of India” means the Institute constituted under the
Institute of the Company Secretaries Act, 1980 (56 of 1980); and
(g) “professional member” means 3[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;
(2) Unless the context otherwise requires, words and expressions used and not defined in these
Regulations, shall have the meanings assigned to them in the Code.
CHAPTER II
INSOLVENCY EXAMINATIONS
3. (1) The Board shall, either on its own or through a designated agency, conduct a ‘National
Insolvency Examination’ in such a manner and at such frequency, as may be specified, to test
the knowledge and practical skills of individuals in the areas of insolvency, bankruptcy and allied
subjects.
(2) The Board shall, either on its own or through a designated agency, conduct a ‘Limited
Insolvency Examination’ to test the knowledge and application of knowledge of individuals in
the areas of insolvency, bankruptcy and allied subjects.
4[(3) The syllabus, format, qualifying marks and frequency of the Limited Insolvency
Examination shall be published on the website of the Board at least three months before the
examination.]
CHAPTER III
REGISTRATION OF INSOLVENCY PROFESSIONALS
Eligibility.
4. (1) No individual shall be eligible to be registered as an insolvency professional if he-
(a) is a minor;
(b) is not a person resident in India;
3 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:
“an individual”.
4 Substituted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01.04.2018). Sub
Regulation (3), before substitution, stood as under:
“(3) The syllabus, format and frequency of the ‘Limited Insolvency Examination’, including qualifying marks, shall be
published on the website of the Board at least one month before the examination.”
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(c) does not have the qualification and experience specified in Regulation 5 or Regulation 9,
as the case may be;
(d) has been convicted by any competent court for an offence punishable with imprisonment
for a term exceeding six months or for an offence involving moral turpitude, and a period of
five years has not elapsed from the date of expiry of the sentence:
Provided that if a person has been convicted of any offence and sentenced in respect thereof
to imprisonment for a period of seven years or more, he shall not be eligible to be registered;
(e) he is an undischarged insolvent, or has applied to be adjudicated as an insolvent;
(f) he has been declared to be of unsound mind; or
(g) he is not a fit and proper person;
Explanation: For determining whether an individual is fit and proper under these Regulations,
the Board may take account of any consideration as it deems fit, including but not limited to
the following criteria-
(i) integrity, reputation and character,
(ii) absence of convictions and restraint orders, and
(iii) competence, including financial solvency and net worth.
5[(2) 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).]
6[Qualifications and experience.
5. Subject to the other provisions of these regulations, an individual shall be eligible for registration,
if he –
5 Inserted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022).
6 Substituted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01.04.2018). Regulation 5,
before substitution, stood as under:
“5. Subject to the other provisions of these Regulations, an individual shall be eligible for registration, if he-
(a) has passed the National Insolvency Examination;
(b) has passed the Limited Insolvency Examination, and has fifteen years of experience in management, after he
received a Bachelor’s degree from a university established or recognized by law; or
(c) has passed the Limited Insolvency Examination and has ten years of experience as -
(i) a chartered accountant enrolled as a member of the Institute of Chartered Accountants of India,
(ii) a company secretary enrolled as a member of the Institute of Company Secretaries of India,
(iii) a cost accountant enrolled as a member of the Institute of Cost Accountants of India, or
(iv) an advocate enrolled with a Bar Council.”.
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(a) has passed the Limited Insolvency Examination within 7[twenty-four] months before the
date of his application for enrolment with the insolvency professional agency;
(b) has completed a pre-registration educational course 8[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 9[Post] Graduate Insolvency Programme, as may
approved by the Board;
10[(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.]
11[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);
(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
7 Substituted by Notification No. IBBI/2025-26/GN/REG123, dated 03rd April, 2025 (w.e.f. 03.04.2025). Before
substitution, it stood as “twelve”.
8 Inserted by Notification No. IBBI/2023-24/GN/REG104, dated 18th September, 2023 (w.e.f. 18.09.2023).
9 Inserted by Notification No. IBBI/2023-24/GN/REG103, dated 20th July, 2023 (w.e.f. 20.07.2023).
10 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”
11 Inserted by Notification No. IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021).
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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).]
Application for certificate of registration.
6.
(1) 12[An individual enrolled with an insolvency professional agency as a professional member
may make an application to the Board through the insolvency professional agency of which he is a
member, in Part – II of Form A of the Second Schedule to these Regulations, along with a non-
refundable application fee of twenty thousand rupees to the Board.]
(1A) 13[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 through the insolvency
professional agency of which it is a member, in Part – II of Form AA of Second Schedule to these
Regulations, along with a non-refundable application fee of two lakh rupees to the Board.]
(2) The 14[insolvency professional agency] shall acknowledge an application made under this
Regulation within seven days of its receipt.
15[(2A) The insolvency professional agency shall verify and forward the application to the Board
within thirty days from the date of payment of fee under sub-regulations (1) or (1A), as the case may
be, excluding the time given by the insolvency professional agency to the professional member for
submitting additional documents, information, or clarification, as the case may be.]
(3) The Board may require the applicant to submit, within reasonable time, additional documents,
information or clarification that it deems fit.
12 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 under:
“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 10 twenty
thousand rupees to the Board.”
13 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 under:
“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.”
14 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 “Board”.
15 Inserted by Notification No. IBBI/2023-24/GN/REG104, dated 18th September, 2023 (w.e.f. 18.09.2023).
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(4) The Board may require the applicant to appear, within reasonable time, before the Board in person,
or through 16[its] authorised representative for clarifications required for processing the application.
Certificate of registration.
7. (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 17[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;
18[(ba) undergo continuing professional education, as may be required by the Board;
(bb) not outsource any of 19[its] duties and responsibilities under the Code, except those
specifically permitted by the Board.]
20[(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
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
16 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”.
17 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”.
18 Inserted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01.04.2018).
19 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”.
20 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.”
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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 21[one per cent] of the professional fee
earned for the services rendered by 22[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;]
23[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.]
24[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.]
25[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.]
26[(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.]
(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;
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”.
22Substituted 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”.
23 Inserted by Notification No. IBBI/2020-21/GN/REG057, dated 20th April, 2020 (w.e.f. 28.03.2020).
24 Inserted by Notification No. IBBI/2021-22/GN/REG073 dated 27th April, 2021 (w.e.f. 27.04.2021).
25 Inserted by Notification No. IBBI/2022-23/GN/REG097, dated 20th September, 2022 (w.e.f. 01.10.2022).
26 Inserted by Notification No. IBBI/2022-23/GN/REG097, dated 20th September, 2022 (w.e.f. 01.10.2022).
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(e) take prior permission of the Board for shifting 27[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 28[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
29[(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.
30[Provided that clause (ba) and clause (d) shall not be applicable to an insolvency professional
which is insolvency professional entity.]
31[Authorisation for assignment.
7A. An insolvency professional shall not accept or undertake an assignment after 31st December,
2019 unless 32[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
(b) the date of expiry of his authorisation for assignment.]
27Substituted 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”.
28Substituted 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”.
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/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022).
31 Inserted by Notification No. IBBI/2019-20/GN/REG045, dated 23rd July, 2019 (w.e.f. 23.07.2019).
32 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”.
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33[Number of Assignments.
7B. An insolvency professional who is not an insolvency professional entity, shall not at any point of
time, have more than ten assignments in aggregate as interim resolution professional and resolution
professional in a corporate insolvency resolution process and as a liquidator in a liquidation process,
of which not more than three assignments shall have admitted claims exceeding one thousand crore
rupees each:
Provided that an insolvency professional who is not an insolvency professional entity, already holding
more such assignments than the limit specified in this regulation on the date of commencement of
Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment)
Regulations, 2025, shall not accept any such new assignment until the number of his ongoing
assignments falls below the limit specified in this regulation.]
Refusal to grant certificate.
8. (1) If, after considering an application made under Regulation 6, the Board is of the prima facie
opinion that the registration ought not be granted, it shall communicate the reasons for forming
such an opinion and give the applicant an opportunity to explain why 34[its] application should
be accepted, within fifteen days of the receipt of the communication from the Board, to enable it
to form a final opinion.
(2) The communication under sub-regulation (1) shall be made to the applicant within 35[thirty
days] of receipt of the application, excluding the time given by the Board for presenting
additional documents, information or clarifications, or appearing in person, as the case may be.
(3) After considering the explanation, if any, given by the applicant under sub-regulation (1), the
Board shall communicate its decision to-
(a) accept the application, along with the certificate of registration, or
(b) reject the application by an order, giving reasons thereof,
within thirty days of receipt of the explanation.
9. 36[***]
33 Inserted by Notification No. IBBI/2025-26/GN/REG132, dated 20th November, 2025 (w.e.f. 20.11.2025).
34 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”
35 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 “forty five days”.
36 Omitted by Notification No. IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021). Prior to omission,
Regulation 9 stood as under: -
“9. Registration for a limited period.
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37[CHAPTER IV
ISSUE AND SURRENDER OF AUTHORISATION FOR ASSIGNMENT AND
DISCIPLINARY PROCEEDINGS]
10. 38[(1) An insolvency professional agency shall inform the Board when it-
(a) issues or renews an authorisation for assignment;
(b) suspends or cancels an authorisation for assignment;
(c) revokes the suspension of an authorisation for assignment; 39[***]
(d) accepts the surrender of an authorisation for assignment,
40[(e) accepts the application for surrender of membership and strikes the name of the
professional member from its registers;
(f) expels the professional member; or
(g) receives intimation of demise of an individual or winding up or dissolution of a
company, limited liability partnership or registered partnership firm and strikes the name
of the professional member from its registers.]
(1) Notwithstanding any of the provisions of Regulation 5, an individual shall be eligible to be registered for a
limited period as an insolvency professional if he-
a. has been ‘in practice’ for fifteen years as-
(i) a chartered accountant enrolled as a member of the Institute of Chartered Accountants of India,
(ii) a company secretary enrolled as a member of the Institute of Company Secretaries of India,
(iii) a cost accountant enrolled as a member of the Institute of Cost Accountants of India, or
(iv) an advocate enrolled with a Bar Council; and
b. submits an application for registration in Form A of the Second Schedule to these Regulations to the insolvency
professional agency with which he is enrolled on or before 31st December, 2016 along with a non-refundable
application fee of five thousand rupees which shall be collected by such insolvency professional agency on behalf
of the Board.
(2) The insolvency professional agency shall submit to the Board the fee collected and the details of the applications
received under sub-regulation (1)(b).
(3) An individual referred to sub-regulation (1) shall be registered for a limited period upon submission of the
details and fee to the Board under sub-regulation (2), which shall be valid for a period of six months from the date
of such submission.
(4) An insolvency professional registered under sub-regulation (3) shall not undertake any assignment as an
insolvency professional after the expiry of his registration:
Provided that he may complete the pending assignments undertaken before the expiry of his registration, and his
registration shall be deemed to be valid for this limited purpose.”
37 Substituted by Notification No. IBBI/2019-20/GN/REG045, dated 23rd July, 2019 (w.e.f. 23.07.2019). Before
substitution, it stood as -“TEMPORARY SURRENDER AND DISCIPLINARY PROCEEDINGS”.
38 Substituted by Notification No. IBBI/2019-20/GN/REG045, dated 23rd July, 2019 (w.e.f. 23.07.2019). Before
substitution, it stood as under:
“(1) An insolvency professional agency shall inform the Board if any of its professional members has temporarily
surrendered his certificate of membership or revived his certificate of membership after temporary surrender, not later
than seven days from approval of the application for temporary surrender or revival, as the case may be.”
39 Omitted by Notification No. IBBI/2023-24/GN/REG104, dated 18th September, 2023 (w.e.f. 18.09.2023). Prior to
omission word stood as “or”.
40 Inserted by Notification No. IBBI/2023-24/GN/REG104, dated 18th September, 2023 (w.e.f. 18.09.2023).
Page 11 of 52
within one working day of taking such action.]
(2) The Board shall take note of the information received under sub-regulation (1) 41[and for
cases referred to in clauses (e), (f) and (g) thereof, it may, if deems expedient to do so, proceed
in accordance with regulation 10B].
42[10A. Surrender of certificate of registration.
(1) An insolvency professional may surrender its certificate of registration by making a
request to the Board, in writing along with the certificate of registration in original.
(2) If the Board is satisfied, it may accept the request for surrender of certificate of
registration within thirty days of its receipt and upon acceptance, the registration of such
insolvency professional shall stand cancelled.
(3) On and from the date of cancellation of certificate of registration, the concerned person
shall not represent itself to be a holder of the certificate for carrying out the activity for
which such certificate had been granted.
10B. Special procedure for action on surrender, expulsion, etc.
(1) While disposing of the matter under this regulation, the Board shall not be bound by the
procedure specified in regulation 11.
(2) On receipt of information under clause (e) and (f) of sub-regulation (1) of regulation 10,
the Board may issue a notice, if required, to such professional member, calling upon it
to explain as to why the certificate of registration, granted under the regulations, should
not be cancelled.
(3) The professional member may make written submission(s), if any, within a period not
exceeding twenty-one days from the date of service of notice.
(4) On being satisfied with the submission(s) made under sub-regulation (3), the Board may
decide to cancel the registration or issue directions to complete the ongoing assignments,
make pending compliances including payment of fee, etc.
(5) The Board shall communicate its decision under sub-regulation (4) within thirty days
from date of receipt of written submissions under sub-regulation (3).
(6) On receipt of information under clause (g) of sub-regulation (1) of regulation 10, the
registration of such insolvency professional with the Board shall be deemed to have been
cancelled from the date of demise or winding up or dissolution, as the case may be.
(7) On and from the date of cancellation of the certificate of registration, under this
regulation, the legal heirs or assignee of the insolvency professional shall take steps for
delivery of any record(s) or document(s) or assets that may be in its custody or control,
within the time period and in the manner, as may be required under the relevant
regulations or as may be directed by the Board.]
41 Inserted by Notification No. IBBI/2023-24/GN/REG104, dated 18th September, 2023 (w.e.f. 18.09.2023).
42 Inserted by Notification No. IBBI/2023-24/GN/REG104, dated 18th September, 2023 (w.e.f. 18.09.2023).
Page 12 of 52
43 [ Disciplinary proceedings.
43 Substituted by Notification No. IBBI/2022-23/GN/REG088, dated 4th July, 2022 (w.e.f. 04.07.2022), Regulation 11
before substitution, stood as under:
“11. (1) Based on the findings of an inspection or investigation, or on material otherwise available on record, if the Board
is of the prima facie opinion that sufficient cause exists to take actions permissible under section 220, it shall issue a show-
cause notice to the insolvency professional.
(2) The show-cause notice shall be in writing, and shall state-
a.
the provisions of the Code under which it has been issued;
b. the details of the alleged facts;
c.
the details of the evidence in support of the alleged facts;
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.”
Page 13 of 52
11. The disciplinary proceedings shall be conducted in accordance with the provisions of Insolvency
and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017.]
CHAPTER V
RECOGNITION OF INSOLVENCY PROFESSIONAL ENTITIES
Recognition of Insolvency Professional Entities.
12. 44[(1) A company, a registered partnership firm or a limited liability partnership may be recognised
as an insolvency professional entity, if –
45[(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;
46[(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:
47[Provided that the insolvency professional entities recognised before the date of
commencement of the Insolvency and Bankruptcy Board of India (Insolvency
44 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.”
45 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.”
46 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 46[its equity shares] is held by insolvency professionals, who are its directors, in case it is a company;”
47 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:
Page 14 of 52
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-
(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.]
48[(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 49[two lakh] rupees.]
50[(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. 51[ (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
“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.”
48 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.”
49 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”.
50 Inserted by Notification No IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021).
51 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.”
Page 15 of 52
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
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;
52[(b) inform the Board, within 53[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;
54[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;]
55[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
52 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”
53 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”
54 Inserted by Notification No. IBBI/2020-21/GN/REG057, dated 20th April, 2020 (w.e.f. 28.03.2020).
55 Inserted by Notification No. IBBI/2021-22/GN/REG073 dated 27th April, 2021 (w.e.f. 27.04.2021).
Page 16 of 52
2021, the insolvency professional entity shall inform the Board, within thirty days of such
cessation.]
56[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 57[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;
58[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;]
59[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.]
60[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 61[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 62[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]
63[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]
56 Inserted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022).
57 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”
58 Inserted by Notification No. IBBI/2020-21/GN/REG057, dated 20th April, 2020 (w.e.f. 28.03.2020).
59 Inserted by Notification No. IBBI/2021-22/GN/REG073 dated 27th April, 2021 (w.e.f. 27.04.2021).
60 Inserted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022).
61 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”.
62 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;”.
63 Inserted by Notification No. IBBI/2021-22/GN/REG073 dated 27th April, 2021 (w.e.f. 27.04.2021).
Page 17 of 52
64[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.]
65[(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.
14. Where the Board is of the opinion that sufficient cause exists for de-recognition of an insolvency
professional entity, it may do so by passing a reasoned order.
66[15. Interest.- Without prejudice to any other action which the Board may take as deemed fit under
the Code or any regulations made thereunder, any delay in payment of fee by an insolvency
professional or an insolvency professional entity, a simple interest at the rate of 12% per annum on
the amount of fee unpaid shall be paid to the Board after the last date of payment of fee under these
regulations.]
FIRST SCHEDULE
[67Under Regulation 7(2)(h)]
CODE OF CONDUCT FOR INSOLVENCY PROFESSIONALS
Integrity and objectivity.
1. An insolvency professional must maintain integrity by being honest, straightforward, and
forthright in all professional relationships.
64 Inserted by Notification No. IBBI/2022-23/GN/REG097, dated 20th September, 2022 (w.e.f. 01.10.2022).
65 Inserted by Notification No. IBBI/2019-20/GN/REG049, dated 25th October, 2019 (w.e.f. 25.10.2019).
66 Inserted by Notification No. IBBI/2018-19/GN/REG036, dated 11th October, 2018 (w.e.f.11.10.2018).
67 Substituted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01.04.2018). Before
substitution, it stood as under:
“[Under regulation 7(2) (g)]”
Page 18 of 52
2. An insolvency professional must not misrepresent any facts or situations and should refrain from
being involved in any action that would bring disrepute to the profession.
3. An insolvency professional must act with objectivity in 68[its] professional dealings by ensuring
that his decisions are made without the presence of any bias, conflict of interest, coercion, or
undue influence of any party, whether directly connected to the insolvency proceedings or not.
69[3A. An insolvency professional must disclose the details of any conflict of interests to the
stakeholders, whenever he comes across such conflict of interest during an assignment.]
4. An insolvency professional appointed as an interim resolution professional, resolution
professional, liquidator, or bankruptcy trustee should not 70[itself] acquire, directly or indirectly,
any of the assets of the debtor, nor knowingly permit any relative to do so.
Independence and impartiality.
5. An insolvency professional must maintain complete independence in 71[its] professional
relationships and should conduct the insolvency resolution, liquidation or bankruptcy process, as
the case may be, independent of external influences.
6. In cases where the insolvency professional is dealing with assets of a debtor during liquidation
or bankruptcy process, he must ensure that he or his relatives do not knowingly acquire any such
assets, whether directly or indirectly unless it is shown that there was no impairment of
objectivity, independence or impartiality in the liquidation or bankruptcy process and 72[ the prior
approval of the Adjudicating Authority] has been obtained in the matter.
7. An insolvency professional shall not take up an assignment under the Code if he, any of his
relatives, any of the partners or directors of the insolvency professional entity of which he is a
partner or director, or the insolvency professional entity of which he is a partner or director is
not independent, in terms of the Regulations related to the processes under the Code, in relation
to the corporate person/ debtor and its related parties.
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”
69 Inserted by Notification No. IBBI/2019-20/GN/REG045, dated 23rd July, 2019 (w.e.f. 23.07.2019).
70Substituted 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:
“himself”.
71 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”.
72 Substituted by Notification No. IBBI/2025-26/GN/REG132, dated 20th November, 2025 (w.e.f. 20.11.2025). The words before
substitution, stood as under:
“the approval of the Board”
Page 19 of 52
8. An insolvency professional shall disclose the existence of any pecuniary or personal relationship
with any of the stakeholders entitled to distribution under sections 53 or 178 of the Code, and the
concerned corporate person/ debtor as soon as he becomes aware of it, by making a declaration
of the same to the applicant, committee of creditors, and the person proposing appointment, as
applicable.
73[8A. An insolvency professional shall disclose as to whether he was an employee of or has
been in the panel of any financial creditor of the corporate debtor, to the committee of creditors
and to the insolvency professional agency of which he is a professional member and the agency
shall publish such disclosure on its website.]
74[8B. An insolvency professional shall disclose 75[its] relationship, if any, with the corporate
debtor, other professionals engaged by 76[it], financial creditors, interim finance providers, and
prospective resolution applicants to the insolvency professional agency of which he is a member,
within the time specified hereunder:
Relationship of the insolvency professional
with
Disclosure to be made within three days
of
(1)
(2)
Corporate debtor
his appointment.
Registered valuers / accountants/ legal
professionals/ other professionals appointed
by him
appointment of the professionals.
Financial creditors
the constitution of committee of creditors.
Interim finance providers
the agreement with the interim finance
provider.
Prospective resolution applicants
the supply of information memorandum to
the prospective resolution applicant.
If relationship with any of the above,
comes to notice or arises subsequently
of such notice or arising.
73 Inserted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01.04.2018).
74 Inserted by Notification No. IBBI/2022-23/GN/REG088, dated 4th July, 2022 (w.e.f. 04.07.2022).
74 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”.
76Substituted 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”.
Page 20 of 52
8C. An insolvency professional shall ensure disclosure of the relationship, if any, of the other
professionals engaged by 77[it] with 78[itself], the corporate debtor, the financial creditor, the
interim finance provider, if any, and the prospective resolution applicant, to the insolvency
professional agency of which he is a member, within the time specified as under:
Relationship of the other professional with Disclosure to be made within three days
of
(1)
(2)
Insolvency professional
the appointment of the other professional.
Corporate debtor
the appointment of the other professional.
Financial creditors
constitution of committee of creditors.
Interim finance providers
the agreement with the interim finance
provider or three days of the appointment
of the other professional, whichever is
later.
Prospective resolution applicants
the supply of information memorandum
to the prospective resolution applicant or
three days of the appointment of the other
professional, whichever is later.
If relationship with any of the above, comes
to notice or arises subsequently
of such notice or arising.
Explanation: For the purposes of clause 8B and 8C above, ‘relationship’ shall mean any one or
more of the following four kinds of relationships at any time or during the three years preceding
the appointment of other professionals:
77Substituted 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”.
75 Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022). The words before
substitution, stood as under:
“himself”.
Page 21 of 52
8D. An insolvency professional shall ensure timely and correct disclosures by 79[it], and other
professionals appointed by 80[it] and shall provide a confirmation to the insolvency professional
agency of which he is a professional member to the effect that the appointment, if any, of every
other professional has been made at arms’ length relationship.]
9. An insolvency professional shall not influence the decision or the work of the committee of
creditors or debtor, or other stakeholders under the Code, so as to make any undue or unlawful
gains for 81[itself] or 82[its] related parties, or cause any undue preference for any other persons
for undue or unlawful gains and shall not adopt any illegal or improper means to achieve any
mala fide objectives.
Professional competence.
10. An insolvency professional must maintain and upgrade his professional knowledge and skills to
render competent professional service.
79Substituted 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”.
80Substituted 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”.
81Substituted 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:
“himself”.
82 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”
Kind of
relationship
Nature of relationship
(1)
(2)
A
Where the insolvency professional or the other professional, as the case may
be, has derived 5% or more of his / its gross revenue in a year from
professional services to the related party.
B
Where the insolvency professional or the other professional, as the case
may be, is a shareholder, director, key managerial personnel or partner of
the related party.
C
Where a relative (spouse, parents, parents of spouse, sibling of self and
spouse, and children) of the insolvency professional or the other
professional, as the case may be, has a relationship of kind A or B with the
related party.
D
Where the insolvency professional or the other professional, as the case may
be, is a partner or director of a company, firm or LLP, such as, an
insolvency professional entity or registered valuer, the relationship of kind
A, B or C of every partner or director of such company, firm or LLP with
the related party.
Page 22 of 52
Representation of correct facts and correcting misapprehensions.
11. An insolvency professional must inform such persons under the Code as may be required, of a
misapprehension or wrongful consideration of a fact of which he becomes aware, as soon as may
be practicable.
12. An insolvency professional must not conceal any material information or knowingly make a
misleading statement to the Board, the Adjudicating Authority or any stakeholder, as applicable.
Timeliness.
13. An insolvency professional must adhere to the time limits prescribed in the Code and the rules,
regulations and guidelines thereunder for insolvency resolution, liquidation or bankruptcy
process, as the case may be, and must carefully plan 83[its] actions, and promptly communicate
with all stakeholders involved for the timely discharge of 84[its] duties.
14. An insolvency professional must not act with mala fide or be negligent while performing 85[its]
functions and duties under the Code.
Information management.
15. An insolvency professional must make efforts to ensure that all communication to the
stakeholders, whether in the form of notices, reports, updates, directions, or clarifications, is
made well in advance and in a manner which is simple, clear, and easily understood by the
recipients.
86[15A. An insolvency professional shall prominently state in all 87[its] communications to a
stakeholder, 88[its] name, address, e-mail, registration number and validity of authorisation for
assignment, if any, issued by the insolvency professional agency of which he is a member.]
83 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”
84 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”
85 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”
86 Inserted by Notification No. IBBI/2022-23/GN/REG088, dated 4th July, 2022 (w.e.f. 04.07.2022)
87 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”
88 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”
Page 23 of 52
16. An insolvency professional must ensure that he maintains written contemporaneous records for
any decision taken, the reasons for taking the decision, and the information and evidence in
support of such decision. This shall be maintained so as to sufficiently enable a reasonable person
to take a view on the appropriateness of 89[its] decisions and actions.
17. An insolvency professional must not make any private communication with any of the
stakeholders unless required by the Code, rules, regulations and guidelines thereunder, or orders
of the Adjudicating Authority.
18. An insolvency professional must appear, co-operate and be available for inspections and
investigations carried out by the Board, any person authorised by the Board or the insolvency
professional agency with which he is enrolled.
19. An insolvency professional must provide all information and records as may be required by the
Board or the insolvency professional agency with which he is enrolled.
20. An insolvency professional must be available and provide information for any periodic study,
research and audit conducted by the Board.
Confidentiality.
21. An insolvency professional must ensure that confidentiality of the information relating to the
insolvency resolution process, liquidation or bankruptcy process, as the case may be, is
maintained at all times. However, this shall not prevent 90[it] from disclosing any information
with the consent of the relevant parties or required by law.
Occupation, employability and restrictions.
22. An insolvency professional must refrain from accepting too many assignments, if he is unlikely
to be able to devote adequate time to each of his assignments.
91[***]
92[22A. An insolvency professional may resign from the assignment, subject to the recommendation
of the committee of creditors in a corporate insolvency resolution process, consultation
89 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”
90Substituted 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”.
91 Omitted by Notification No. IBBI/2025-26/GN/REG132, dated 20th November, 2025 (w.e.f. 20.11.2025). Before ommission,
it stood as under:
“91[Clarification: An insolvency professional may, at any point of time, not have more than ten assignments as resolution
professional in corporate insolvency resolution process, of which not more than three shall have admitted claims exceeding
one thousand crore rupees each.]”
92 Inserted by Notification No. IBBI/2023-24/GN/REG110, dated 31st January, 2024 (w.e.f. 31.01.2024).
Page 24 of 52
committee in liquidation process, the debtor or the creditor in the insolvency resolution process
of personal guarantor to the corporate debtor, as the case may be, and the approval of the
Adjudicating Authority.
Explanation.- The insolvency professional shall continue to discharge his duties, functions and
responsibilities till the approval of resignation by the Adjudicating Authority.]
93[23. An insolvency professional must not engage in any employment when he holds a valid
authorisation for assignment or when he is undertaking an assignment.
23A. Where an insolvency professional has conducted a corporate insolvency resolution process, he
and his relatives shall not accept any employment, other than an employment secured through open
competitive recruitment, with, or render professional services, other than services under the Code, to
a creditor having more than ten percent voting power, the successful resolution applicant, the corporate
debtor or any of their related parties, until a period of one year has elapsed from the date of his
cessation from such process.
23B. An insolvency professional shall not engage or appoint any of his relatives or related parties, for
or in connection with any work relating to any of his assignment.
94[Explanation.- For the purposes of this clause, the insolvency professional which is an insolvency
professional entity may engage or appoint its partners or directors, as the case may be, for or in
connection with any work relating to any of its assignment other than work related to valuation and
audit of the debtor.]
23C. An insolvency professional shall not provide any service for or in connection with the assignment
which is being undertaken by any of his relatives or related parties.
Explanation 95[1] .- For the purpose of clauses 23A to 23C, “related party” shall have the same
meaning as assigned to it in clause (24A) of section 5, but does not include an insolvency professional
entity of which the insolvency professional is a partner or director.]
96[Explanation 2.- For the purposes of this clause, the insolvency professional which is an insolvency
professional entity may provide any service, other than service related to valuation and audit, for or in
connection with the assignment which is being undertaken by any of its partners or directors, as the
case may be.]
93 Substituted by Notification No. IBBI/2019-20/GN/REG045, dated 23rd July, 2019 (w.e.f. 23.07.2019). Before
substitution, clause 23, stood as under:
“An insolvency professional must not engage in any employment, except when he has temporarily surrendered his
certificate of membership with the insolvency professional agency with which he is registered.”
94 Inserted by Notification No. IBBI/2023-24/GN/REG110, dated 31st January, 2024 (w.e.f. 31.01.2024).
95 Inserted by Notification No. IBBI/2023-24/GN/REG110, dated 31st January, 2024 (w.e.f. 31.01.2024).
96 Inserted by Notification No. IBBI/2023-24/GN/REG110, dated 31st January, 2024 (w.e.f. 31.01.2024).
Page 25 of 52
24. An insolvency professional must not conduct business which in the opinion of the Board is
inconsistent with the reputation of the profession.
Remuneration and costs.
25. An insolvency professional must provide services for remuneration which is charged in a
transparent manner, is a reasonable reflection of the work necessarily and properly undertaken,
and is not inconsistent with the applicable regulations.
97[25A. An insolvency professional shall disclose the fee payable to 98 [it], the fee payable to the
insolvency professional entity, and the fee payable to professionals engaged by 99[it] to the
insolvency professional agency of which he is a professional member and the agency shall
publish such disclosure on its website.]
100[25B. An insolvency professional shall raise bills or invoices in 101[its] name towards 102[its]
fees, and such fees shall be paid to 103[it] through banking channel.
25C. An insolvency professional shall ensure that the insolvency professional entity or the
professional engaged by 104[it] raises bills or invoices in their own name towards their fees, and
such fees shall be paid to them through banking channel.]
26. An insolvency professional shall not accept any fees or charges other than those which are
disclosed to and approved by the persons fixing 105[its] remuneration.
97 Inserted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01.04.2018).
98Substituted 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”.
99Substituted 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”.
100 Inserted by Notification No. IBBI/2022-23/GN/REG088, dated 4th July, 2022 (w.e.f. 04.07.2022).
101 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”
102 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”
103Substituted 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”.
104Substituted 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”.
105 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”
Page 26 of 52
106[26A. An insolvency professional shall not accept /share any fees or charges from any professional
and/or support service provider who are appointed under the processes.]
27. An insolvency professional shall disclose all costs towards the insolvency resolution process
costs, liquidation costs, or costs of the bankruptcy process, as applicable, to all relevant
stakeholders, and must endeavour to ensure that such costs are not unreasonable.
107[27A. An insolvency professional shall, while undertaking assignment or conducting
processes, exercise reasonable care and diligence and take all necessary steps to ensure that the
corporate person complies with the applicable laws.
27B. An insolvency professional shall not include any amount towards any loss, including
penalty, if any, in the insolvency resolution process cost or liquidation cost, incurred on account
of non-compliance of any provision of the laws applicable on the corporate person while
conducting the insolvency resolution process, fast track insolvency resolution process,
liquidation process or voluntary liquidation process, under the Code.]
Gifts and hospitality.
28. An insolvency professional, or his relative must not accept gifts or hospitality which undermines
or affects his independence as an insolvency professional.
29. An insolvency professional shall not offer gifts or hospitality or a financial or any other
advantage to a public servant or any other person, intending to obtain or retain work for himself,
or to obtain or retain an advantage in the conduct of profession for himself.
SECOND SCHEDULE
108[FORM A
UNIFIED ENROLMENT AND REGISTRATION APPLICATION FORM
[Under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals)
Regulations, 2016 and Regulation 10 of Insolvency and Bankruptcy Board of India (Model Bye- Laws
and Governing Board of Insolvency Professional Agencies) Regulations, 2016]
Part - I
TO BE SUBMITTED BY THE APPLICANT
106 Inserted by Notification No. IBBI/2022-23/GN/REG092, dated 13th September, 2022 (w.e.f. 13.09.2022).
107 Inserted by Notification No. IBBI/2022-23/GN/REG088, dated 4th July, 2022 (w.e.f. 04.07.2022).
108 Substituted by Notification No. IBBI/2023-24/GN/REG104, dated 18th September, 2023 (w.e.f. 18.09.2023).
Page 27 of 52
<Please affix a recent
passport size photo>
To
The Managing Director,
<name of the insolvency professional agency>
Subject: Application for enrolment as professional member and registration as an insolvency
professional
Sir / Madam,
I hereby apply for -
(a) enrolment as a professional member with the <name of the insolvency professional
agency> under regulation 10 of Insolvency and Bankruptcy Board of India (Model Bye-
Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016; and
(b) registration as an insolvency professional under section 207 of the Insolvency and
Bankruptcy Code, 2016 read with regulation 6 of the Insolvency and Bankruptcy Board of
India (Insolvency Professionals) Regulations, 2016.
My details are as under:
A. PERSONAL DETAILS
1. Title (Mr. / Mrs. / Ms. / Other):
2. Name (as per PAN / Aadhaar):
3. Father’s Name:
4. Mother’s Name:
5. Date of Birth:
6. Place of Birth:
7. PAN:
8. AADHAAR No. (if available):
9. Passport No. (if available):
10. GSTIN (if available):
11. DIN / DPIN (if available):
12. Address for Correspondence (Note: This shall be recorded as the registered address):
13. Permanent Address:
14. E-mail Address (Note: This shall be recorded as the registered e-mail address):
15. Mobile No. (Note: This shall be recorded as the registered mobile number):
16. Residential Status: Person resident in India/ Person resident outside India (strike off whichever is
not applicable) [in terms of section 3 (24) or 3 (25) of Insolvency and Bankruptcy Code, 2016]
Page 28 of 52
B.
EDUCATIONAL,
PROFESSIONAL
AND
INSOLVENCY
EXAMINATION
QUALIFICATIONS
(i) Educational Qualifications
[Please provide educational qualifications from Bachelor’s degree onwards]
Sl.
No.
Educational
qualification
University
/College
Year of
Passing
Marks
Secured
(%)
Grade/
Class
Remarks,
if any
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(ii)
Professional Qualifications
[in terms of regulation 5(c)(iv) of IP Regulations]
Sl. No.
Professional
Qualification
Institute/
Professional
Body
Membership No. /
Enrolment No. (as
the case may be)
Date of
registration/
enrolment
Remarks, if
any
(1)
(2)
(3)
(4)
(5)
(6)
(iii)
Insolvency Examinations
Sl.
No.
Name of the
examination
/programme
Whether
qualified or
not?
(Yes / No)
Name of the
Institute/
Organisation
Marks
(%)
/Grade/Class
(If applicable)
Date
of
passing
Remarks, if
any
(1)
(2)
(3)
(4)
(5)
(6)
(7)
1
Limited
Insolvency
Examination
IBBI
Page 29 of 52
2
Post
Graduate
Insolvency
Programme
3
National
Insolvency
Programme
(iv)
Are you a registered valuer? (Yes/No) If yes,
(a) IBBI Registration No._______________
(b) Name of Registered Valuer Organisation (RVO) ______________and,
(c) RVO Enrolment No.________________
C. WORK EXPERIENCE
(i) Are you presently in practice / employment? (Practice / Employment)
(ii) Total period in practice (years and completed months): yy / mm
(iii) Total period in employment (years and completed months): yy / mm
(iv) Details of experience (from the date of enrolment as an Advocate / Chartered Accountant/
Company Secretary / Cost Accountant / After Bachelors’ Degree / After Master’ Degree / After Post
Graduate Diploma)
SI.
No
.
From
Date
(dd-mm-
yyyy)
To
Date
(dd-
mm-
yyyy)
Employment
Practice
Area
of
Work
Name and
Address of
Employer
Designation Advocate/
CA/CS/CM
A
Name
of
Firm
and
Firm
Registration
Number, if
applicable
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
D. ADDITIONAL INFORMATION
1. Have you ever been convicted for an offence? (Yes / No)
If yes, please give complete along with current status.
2. Is any criminal proceedings pending against you? (Yes / No)
Page 30 of 52
If yes, please give complete details along with current status.
3. Have you ever been adjudged as an insolvent/bankrupt, or applied to be declared so? (Yes / No) If
yes, please give complete details along with current status.
4. Is there any disciplinary proceeding pending against you or has been taken against you at any time
in the preceding three years by the ICAI, ICSI, ICAI (Cost), Bar Council or RVO?
(Yes /No)
If yes, please give complete details along with current status.
5. Have you ever applied for Enrolment with any Insolvency Professional Agency? (Yes / No)
If yes, please give details.
Date of application
Name of the IPA
Status of application
Reason of Rejection, if applicable
Date of Rejection, if applicable
6. Please provide any additional information that may be relevant for determining fit and proper person
eligibility.
E. ATTACHMENTS
1. Copy of proof of residence
2. Copy of PAN card, Aadhaar card and Passport
3. Copy of GST Registration Certificate
4. Copy of DIN/ DPIN allotment letter
5. Copies of documents in support of educational qualification, professional qualification, and
insolvency examination.
6. Copies of documents demonstrating practice as –
(i) a chartered accountant registered with the Institute of Chartered Accountants of India;
(ii) a company secretary registered with the Institute of Company Secretaries of India;
(iii) a cost accountant registered with the Institute of Cost Accountants of India; or
(iv) an advocate enrolled with the Bar Council.
7. Copies of certificate of employment from the employer(s), specifying the period of such
employment
8. Financial statements / Income-tax Returns for the last three years.
9. Copy of certificate of professional membership of Registered Valuer Organisation.
10. Evidence of deposit / payment of applicable fee.
11. Details of information with respect to conviction, criminal proceedings, insolvency/bankruptcy
order, disciplinary proceedings/actions, and any other additional information relevant for the
application, as may be applicable (including brief facts, copy of relevant orders and present status
Page 31 of 52
thereof)
as
separate
enclosures.
F. UNDERSTANDING
I understand and agree that my enrolment with the <name of insolvency professional agency> and
completion of pre-registration educational course, subsequently, does not entitle me to the registration,
which is subject to me complying with requirements applicable under the Insolvency and Bankruptcy
Code, 2016 read with the Insolvency and Bankruptcy Board of India (Insolvency Professionals)
Regulations, 2016.
G. AFFIRMATIONS
I affirm that I am eligible to be enrolled as a professional member under the Insolvency and
Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional
Agencies) Regulations, 2016 read with sections 205 of the Insolvency and Bankruptcy Code, 2016.
2. I affirm that the information furnished by me in this application is correct and complete to the best
of my knowledge and belief.
3. I undertake to comply with the requirements of the Insolvency and Bankruptcy Code, 2016, rules,
regulations, guidelines and circulars issued thereunder, the bye-laws of the insolvency professional
agency with which I am enrolled, the resolutions passed, and directions given by the Board and the
Governing Board of such insolvency professional agency and to furnish any additional information as
and when called for by the Board or Insolvency Professional Agency.
Name and signature of the applicant
Place:
Date:
Part - II
TO BE SUBMITTED BY THE PROFESSIONAL MEMBER
[For the purposes of registration as an Insolvency Professional]
A. ENROLMENT WITH INSOLVENCY PROFESSIONAL AGENCY
(1) Professional Membership No./ Enrolment No.:
(2) Date of Enrolment:
B. PRE-REGISTRATION EDUCATIONAL COURSE
Have you completed the Pre-Registration Educational Course? (Yes/No)
If Yes, date of completion of Pre-Registration Educational Course: dd/mm/yyyy
C. FEE PAYMENT
Have you paid the non-refundable application fee to the Board within twelve months before the date
of completion of the Pre-Registration Educational Course? (Yes/No)
If Yes, date of payment of non-refundable application fee to the Board: dd/mm/yyyy
Page 32 of 52
D. INFORMATION UPDATE
Do you wish to update the information submitted in Form A at the time of application seeking
enrolment with the Insolvency Professional Agency? (Yes/No)
E. AFFIRMATIONS
I affirm that I am eligible to be registered as an insolvency professional under the Insolvency and
Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 read with section 207 of the
Insolvency and Bankruptcy Code, 2016.
2. I affirm that the information furnished by me in this application is correct and complete to the best
of my knowledge and belief.
3. I undertake to comply with the requirements of the Insolvency and Bankruptcy Code, 2016, rules,
regulations, guidelines and circulars issued thereunder, the bye-laws of the insolvency professional
agency with which I am enrolled and directions given by the Board and the Governing Board of such
insolvency professional agency and to furnish any additional information as and when called for by
the Board or Insolvency Professional Agency.
F. ATTACHMENTS
1. Copy of certificate of membership with an insolvency professional agency.
2. Copy of certificate of completion of pre-registration educational course.
3. Evidence of deposit / payment of applicable fee.
4.
Copy
of
proof
towards
information
updated
in
the
Form
A,
wherever
applicable.
Name and signature of applicant
Place:
Date:
Part - III
TO BE SUBMITTED BY THE INSOLVENCY PROFESSIONAL AGENCY
[For the purposes of registration as an Insolvency Professional]
To,
The Executive Director (IP Division)
Insolvency and Bankruptcy Board of India
Subject: Application for registration as an insolvency professional
Sir / Madam,
The application for registration received from [Name of the applicant] after obtaining the
membership [Professional Membership Number], under section 207 of the Insolvency and Bankruptcy
Page 33 of 52
Code, 2016 read with regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) Regulations, 2016 [IP Regulations] is hereby submitted to the Board.
We have verified as under:
SI.
No.
Verification
Finding
1
Whether the applicant has submitted all the required details
under Regulations 4 and 5 of IP regulations (as applicable) in
its application and completed the payment for registration as
per requirement specified under Regulation 6 of IP
Regulations?
(Yes/ No)
If No, please provide
the details.
2
Whether the professional member has completed the pre-
registration educational course within twelve months of
making payment of application fee to the Board and obtained
the completion certificate in this regard?
(Yes/No)
If Yes, give details and
supporting document:
(Date of certificate)
3
Whether the insolvency professional agency has granted the
professional membership to the applicant after complying with
eligibility requirement to become an insolvency professional?
(Yes/No)
If Yes, give details and
supporting document:
(Enrolment No)
(Date of Enrolment)
4
Whether any disciplinary proceedings are pending, or any
disciplinary action has been taken at any time in the preceding
three years against the professional member by the ICAI, ICSI,
ICMAI, Bar Council or RVO of which applicant is a member.
Yes / No.
If Yes, give details and
supporting document.
5
Whether a regulator ICAI, ICMAI, ICSI, or Bar Council has
initiated any criminal proceeding against the professional
member and is pending for disposal?
Yes / No.
If Yes, give details and
supporting document.
6
Whether the professional member had an unblemished service
records with the last employer if he was in employment?
Yes / No.
If Yes, give details and
supporting document.
7
In case, DIN / DPIN has been furnished by the professional
member, whether the status thereof has been verified along
with nature of designation held by the professional member?
Yes / No.
If Yes, give details and
supporting document.
8
Whether the name of the professional member appears in the
database of Ministry of Corporate Affairs regarding:
i.
Directors disqualified under section 164 of the Companies
Act, 2013, or
ii. Proclaimed Offenders under section 82 of the Code of
Criminal Procedure, 1973.
Yes / No.
If Yes, give details and
supporting document.
Page 34 of 52
9
Whether the professional member has been penalised by SEBI
or CCI in the last three years?
Yes / No.
If Yes, give details and
supporting document.
10
Whether the name of professional member appears in the list
of defaulters of RBI / Credit Information Company?
Yes / No.
If Yes, give details and
supporting document.
11
Whether the professional member has been convicted of any
offence?
Yes / No.
If Yes, give details and
supporting document.
We have verified the above details submitted by <name of the applicant> who is our professional
member with <professional membership no.> and confirm these to be true and correct. We
recommend registration of <name of the applicant> as an insolvency professional with IBBI.
(Name and Signature)
Authorised Officer of the Insolvency Professional Agency
(Seal of the Insolvency Professional Agency)
Place:
Date:]
109[FORM AA
UNIFIED ENROLMENT AND REGISTRATION APPLICATION FORM
[Under regulation 10 of Insolvency and Bankruptcy Board of India (Model Bye- Laws and Governing
Board of Insolvency Professional Agencies) Regulations, 2016 and Regulation 6 (1A) of the Insolvency
and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016]
Part – I
TO BE SUBMITTED BY THE APPLICANT
To
The Managing Director,
<Name of the Insolvency Professional Agency>
Subject: Application for enrolment as professional member and registration as insolvency
professional
Sir/Madam,
109Substituted by Notification No. IBBI/2023-24/GN/REG104, dated 18th September, 2023 (w.e.f. 18.09.2023).
Page 35 of 52
I, being duly authorized for the purpose, hereby apply on behalf of [name of the applicant entity],
recognised by the Board as an insolvency professional entity with recognition number [recognition
number], having registered address at [registered address of the applicant entity]
I hereby apply for –
(i)
enrolment as a professional member with the <name of the insolvency professional
agency> under regulation 10 of Insolvency and Bankruptcy Board of India (Model Bye-
Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016; and
(ii)
registration as an insolvency professional under section 207 of the Insolvency and
Bankruptcy Code, 2016 read with regulation 6 (1A) of the Insolvency and Bankruptcy
Board of India (Insolvency Professionals) Regulations, 2016.
I hereby enclose proof (certified copy of Board/ Partner’s Resolution) that I am authorized to make
this application and correspond with the Board in this respect.
ADDITIONAL INFORMATION
1. Whether the applicant entity is a subsidiary, joint venture or associate of another company or body
corporate? (Yes/ No)
If yes, please give complete details of such company or body corporate.
2. Whether the applicant entity is undergoing or has undergone an insolvency resolution process?
(Yes/ No)
If yes, please give complete details along with current status.
3. Whether the applicant entity is an undischarged bankrupt? (Yes/ No)
If yes, please give complete details along with current status.
4. Whether the applicant entity is a fit and proper person in terms of regulation 4(g) of IP Regulations?
(Yes/ No)
If No, please give complete details along with current status.
5. Whether all the partners or directors, as the case may be, of the applicant entity are fit and proper
person in terms of regulation 4(g) of IP Regulations? (Yes/ No)
If No, please give complete details along with current status.
6. Please provide any additional information that may be relevant.
AFFIRMATIONS
1. I, on behalf of [name of the applicant entity], affirm that the applicant entity has at all times complied
with regulations 12 and 13 of the IP Regulations.
2. I, on behalf of [name of the applicant entity], affirm that the applicant entity is eligible to be enrolled
as a professional member with the insolvency professional agency.
Page 36 of 52
3. I, on behalf of [name of the applicant entity], hereby affirm that –
i.
all information contained in this application is true and correct in all material respects,
ii.
no material information relevant for the purpose of this application has been suppressed, and
iii.
enrolment granted in pursuance of this application may be cancelled summarily if any
information submitted herein is found to be false or misleading in material respects at any
stage.
4. I, hereby confirm that the applicable fee has been paid to the agency vide [please enter the payment
details along with date of making the payment] and enclose proof thereof.
5. If granted certificate of membership, I, on behalf of [name of the applicant entity], undertake to
comply with the requirements of the Code, the rules, regulations or circulars or guidelines issued
thereunder, and such other terms and conditions as may be imposed by the Agency while granting the
certificate of membership or subsequently.
Yours faithfully,
Authorized Signatory
(Name)
(Designation)
(Insolvency Professional Registration Number-----------)
(Name of the Insolvency Professional Entity--------)
(Recognition Number of the Insolvency Professional Entity----)
Place:
Date:
ATTACHMENTS
1. Certified copy of Board / Partners’ Resolution authorising the person to make this application and
correspond with the Insolvency Professional Agency in this respect.
2. Copy of Certificate of Recognition issued by the Board.
3. Evidence of deposit / payment of applicable fee.
Part - II
TO BE SUBMITTED BY THE PROFESSIONAL MEMBER
[For the purposes of registration as an Insolvency Professional]
INFORMATION UPDATE
1. Do you wish to update the information submitted in Form AA at the time of application seeking
enrolment with the IPA? (Yes/No)
AFFIRMATIONS
Page 37 of 52
1. I, on behalf of [name of the insolvency professional entity], affirm that the insolvency professional
entity has at all times complied with regulations 12 and 13 of the Insolvency and Bankruptcy Board
of India (Insolvency Professionals) Regulations, 2016.
2. I, on behalf of [name of the insolvency professional entity], affirm that the insolvency professional
entity is eligible to be registered as an insolvency professional with the Board.
3. I, on behalf of [name of the insolvency professional entity], hereby affirm that –
(i)
all information contained in this application is true and correct in all material respects,
(ii)
no material information relevant for the purpose of this application has been suppressed, and
(iii)
registration granted in pursuance of this application may be cancelled summarily if any
information submitted herein is found to be false or misleading in material respects at any
stage.
(iv)
the insolvency professional entity may be derecognised if any information submitted herein is
found to be false or misleading in material respects at any stage.
4. I, hereby confirm that the applicable fee has been paid to the Board vide [please enter the payment
details along with date of making the payment] and enclose proof thereof.
5. If granted certificate of registration, I, on behalf of [name of the insolvency professional entity],
undertake to comply with the requirements of the Code, the rules, regulations or circulars or guidelines
issued thereunder, and such other terms and conditions as may be imposed by the Board while granting
the certificate of registration or subsequently.
Yours faithfully,
Authorized Signatory
(Name)
(Designation)
(Insolvency Professional Registration Number-----------)
(Name of the Insolvency Professional Entity--------)
(Recognition Number of the Insolvency Professional Entity----)
Place:
Date:
ATTACHMENTS
1. Certified copy of Board / Partners’ Resolution authorising the person to make this application and
correspond with the Board in this respect.
2. Copy of Certificate of Membership issued by the Insolvency Professional Agency.
3. Evidence of deposit / payment of applicable fee.
4. Copy of proof towards information
updated in the Form AA, wherever applicable.
Page 38 of 52
Part - III
TO BE SUBMITTED BY THE INSOLVENCY PROFESSIONAL AGENCY
[For the purposes of registration as an Insolvency Professional]
To,
The Executive Director (IP Division)
Insolvency and Bankruptcy Board of India
Subject: Application for registration as an insolvency professional
Sir / Madam,
The application for registration received from [Name of the professional member] after
obtaining the membership [Professional Membership Number], under section 207 of the Insolvency
and Bankruptcy Code, 2016 read with regulation 6 (1A) of the Insolvency and Bankruptcy Board of
India (Insolvency Professionals) Regulations, 2016 is hereby submitted to the Board.
2. We have verified the details furnished by the professional member <name of the entity>, who is our
professional member with <professional membership no.>. We hereby confirm that: -
(i)
the entity has _______ number of partners or directors, as the case may be, as on the date
of forwarding application to the Board.
(ii)
the entity complies with the eligibility requirements laid down under regulation 12 and 13
of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations,
2016.
3. We recommend registration of <name of the professional member> as an insolvency professional
with the Board.
(Name and Signature)
Authorised Officer of the Insolvency Professional Agency
(Seal of the Insolvency Professional Agency).
Place:
Date: ”
SECOND SCHEDULE
FORM B
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
CERTIFICATE OF REGISTRATION
IP REGISTRATION NO. __
Page 39 of 52
[Under Regulation 7 of the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) Regulations, 2016]
1. In exercise of the powers conferred by Regulation 7 of the Insolvency and Bankruptcy
Board of India (Insolvency Professionals) Regulations, 2016 the Board hereby grants a
certificate of registration to [insert name], to act as an insolvency professional in
accordance with these Regulations.
2. This certificate shall be valid from [insert start date].
Sd/-
(Name and Designation)
For and on behalf of Insolvency and Bankruptcy Board of India
Place:
Date:
SECOND SCHEDULE
110[ FORM C
[Under regulation 12 of the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) Regulations, 2016]
To
The Executive Director (IPE Division)
Insolvency and Bankruptcy Board of India (IBBI)
Subject: Application for recognition as an insolvency professional entity.
Sir/Madam,
I, having been duly authorised for the purpose, hereby apply, on behalf of [name of the applicant
entity], having registered address at [registered address of the applicant], for recognition as an
insolvency professional entity under sub-regulation (2) of regulation 12 of the Insolvency and
Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. The details of the
applicant and its directors / partners are as under:
A. DETAILS OF APPLICANT
1. Name:
2. Address:
i. registered office:
ii. principal place(s) of business, if any:
iii. Address for Correspondence with the Applicant
110 Substituted by Notification No. IBBI/2019-20/GN/REG049, dated 25th October, 2019 (w.e.f. 25.10.2019).
Page 40 of 52
iv. E-mail address for correspondence with the Applicant:
v. Telephone number for correspondence with the Applicant:
3. Nature of constitution: Company /Limited Liability Partnership/ Registered Partnership
(strike off whichever is not applicable)
4. Corporate Identification Number (CIN)/ LLP Identification Number (LLPIN)/ Certificate of
Registration:
5. PAN:
6. GSTIN (if available):
7. Name, designation and contact details of the person authorised to make this application and
correspond with the Board on behalf of applicant:
i. Name:
ii. Designation:
iii. Address for correspondence:
iv. Mobile No. / Landline No:
v. E-mail address:
B. DETAILS OF THE DIRECTORS / PARTNERS OF THE APPLICANT AS ON DATE OF
APPLICATION
Sl.
No.
Name of
the
director/
partner
Address
of
the
director/
partner
DIN/DPIN
(if
available)
PAN Registration
No.
as
an
insolvency
professional
Professional
membership
No.
(if
applicable)
% share in
shares
/
capital
contributed
Whether
Whole
Time
Director
(Yes
/
No)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
C. ELIGIBILITY [in terms of Regulation 12 (1) of IP Regulations]
1. Sole objective of the applicant as per its constitutional document [Description of the sole
objective]:
2. Net worth of the applicant as on ….. (Date should not be earlier than more 90 days from the
date of application):
(i)
Amount:
(ii)
Date of net worth:
(iii)
Unique Document Identification Number of the net worth certificate issued by
the Chartered Accountant, if any:
Page 41 of 52
(iv)
Date of the net worth certificate issued by the Chartered Accountant, if any:
3. Details of shareholding or partner’s contribution in the applicant:
(i) In case of Partnership
Sl.
No.
Name
of
Partner
Amount
(Rs.)
of
capital
contribution
% share in
total capital
contribution
Whether partner is an
insolvency
professional (Yes / No)
Registration No. as an
insolvency professional, if
applicable
(1)
(2)
(3)
(4)
(5)
(6)
(ii) In case of Company
Sl.
No.
Name
of
Shareholder
Number of
shares held
% of
shares
held
Whether
shareholder
is a director
(Yes / No)
Whether shareholder
is
an
insolvency
professional (Yes /
No)
Registration no.
as an insolvency
professional, if
applicable
(1)
(2)
(3)
(4)
(5)
(6)
(7)
5. Whether the applicant was at any time in the past derecognised as an insolvency professional
entity. (Yes/No)
If yes, please furnish the date of derecognition and ground for derecognition.
6. Whether any disciplinary proceeding has been initiated by the Board (IBBI) or the Insolvency
Professional Agency against any director(s) / partner(s), who was/is/are insolvency
professional(s). (Yes/No) If yes, please provide details.
AFFIRMATION
I, on behalf of [name of the applicant entity], affirm that -
(i)
the applicant is eligible to be recognised as an insolvency professional entity;
(ii)
none of the directors or partners of the applicant, as the case may be, is a director or
partner of another insolvency professional entity.
2. I affirm that the information furnished in this application is correct and complete to the best of
my knowledge and belief.
Page 42 of 52
3. I, on behalf of [name of the applicant entity], undertake to comply with the requirements of the
Insolvency and Bankruptcy Code, 2016, rules, regulations, guidelines and circulars issued
thereunder, and such other terms and conditions as may be imposed by the Board while
granting the certificate of recognition.
Yours faithfully,
Authorised Signatory
(Name)
(Designation)
Place:
Date:
ATTACHMENTS
1. Copy of Board / Partners’ Resolution authorising the person to make this application and
make correspondence with the Board
2. Copy of CIN/LLPIN/Certificate of Registration of the applicant
3. Copy of PAN of the applicant
4. Copy of GST Registration Certificate of the applicant
5. Copy of Memorandum of Association/LLP Agreement/Registered Partnership Deed of the
applicant
6. Copy of certificate of net worth issued by the Chartered Accountant, if any
7. Copy of Financial Statements of the applicant (including Provisional Financial Statements,
as on same date on which net worth of applicant has been submitted)
8. Copy of Certificate of Registration issued by the Board to IPs who are directors or partners,
as the case may be, of applicant
9. Evidence of deposit / payment of fee, along with GST, as required under regulation 12(2)
of IP Regulations.]
SECOND SCHEDULE
FORM D
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
CERTIFICATE OF RECOGNITION
INSOLVENCY PROFESSIONAL ENTITY RECOGNITION NO. _
[Under Regulation 13 of the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) Regulations, 2016]
Page 43 of 52
1. In exercise of the powers conferred by Regulation 13 of the Insolvency and
Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 the Board
hereby grants a certificate recognising [insert name], as an insolvency professional
entity.
2. This certificate of recognition shall be valid from [insert start date].
Sd/-
(Name and Designation)
For and on behalf of Insolvency and Bankruptcy Board of India
Place:
Date:.
111[ FORM E
[Under Regulation 7(2)(ca) of the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) Regulations, 2016]
To
The General Manager (IP Division)
Insolvency and Bankruptcy Board of India
Subject: Annual statement of professional fee of insolvency professional.
Sir / Madam,
1. I, [Insert name] hereby submit the annual statement of professional fee earned (whether
received or not) by me from my services as an insolvency professional in the financial
year [insert financial year], as under:
Sl.
No.
Name of Debtor
Services rendered as (IRP /
RP / Liquidator / Trustee /
Other, if any)
Professional fee as an
insolvency professional
for the year (Rs.)
1
2
3
Total
2. The following amounts are payable to the Board:
Sl. No.
Under regulation
Amount Payable (Rs.)
111Inserted by Notification No. IBBI/2018-19/GN/REG036 dated 11th October, 2018 (w.e.f. 11.10.2018).
Page 44 of 52
1
Regulation 7(2)(ca)
2
Regulation 15, being interest from … to …..
Total
3. A sum of Rs. …, as worked out in Para 2 above, has been deposited into the account of
the Board, vide….. ..
4. I, [insert name], hereby affirm that –
i. all information contained in this statement is true and correct in all material respects and
ii. no material information relevant for the purpose of this statement has been suppressed.
Yours faithfully,
Place:
(Name)
Date: -------------
(Registration Number)]
112[FORM EA
[Under Regulation 7(2)(cb) of the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) Regulations, 2016]
To
The General Manager (IP Division)
Insolvency and Bankruptcy Board of India
Subject: Statement of Fee
Sir / Madam,
1. I, [Insert name] hereby submit the corporate debtor-wise details of fee, as under:-
(a) Name of Corporate Debtor: ___________________________
(b) Corporate Identification Number / LLP IN of Corporate Debtor: _______________
(c) For quarter ended on [Insert Details] or date [Insert Date] of closure of process.
Sl.
No.
Services rendered in the capacity
of IRP / RP
Details of expense incurred
(name of payee and nature of
service)
Amount paid towards
the expense (Rs.)
1
2
3
…
Total
(Note – Separate table to be inserted for each corporate debtor)
112 Inserted by Notification No. IBBI/2022-23/GN/REG097, dated 20th September, 2022 (w.e.f. 01.10.2022).
Page 45 of 52
2. The following amounts are payable to the Board:
Sl. No.
Under regulation
Amount Payable (Rs.)
1
Regulation 7(2)(cb)
2
Regulation 15, being interest from … to …..
Total
3. A sum of Rs. …, as worked out in Para 2 above, has been deposited into the account of the
Board, vide….. ..
4. I, [insert name], hereby affirm that –
(i)
all information contained in this statement is true and correct in all material respects,
and
(ii)
no material information relevant for the purpose of this statement has been suppressed.
(iii)
I, [Insert Name], am duly authorised to submit this form on behalf of the insolvency
professional entity [Insert name of the insolvency professional entity].
Yours faithfully,
Place:
(Name of IP / Authorised Signatory of IPE registered
as IP)
Date:
(IP Registration Number)
113[ FORM F
[Under regulation 13 (2) (b) and 13 (2) (c) of the Insolvency and Bankruptcy Board of India
(Insolvency Professionals) Regulations, 2016]
To
The Executive Director (IPE Division)
Insolvency and Bankruptcy Board of India
Subject: Information of cessation/joining of a Director / Partner in an insolvency
professional entity.
Sir / Madam,
I, [Insert name], being duly authorised for the purpose, submit the following information in
compliance with sub-regulation (2)(b) and/or (2)(c) of regulation 13 of the Insolvency and
Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016:-
A. Details of the IPE
(a) Name of the IPE:
(b) Date of Recognition by the Board:
113 Substituted by Notification No. IBBI/2019-20/GN/REG049, dated 25th October, 2019 (w.e.f. 25.10.2019).
Page 46 of 52
(c) Recognition Number:
(c) E-mail address registered with the Board:
(d) Name and Designation of Authorised Signatory:
B. Details of director/partner who ceased to be a director/partner of the IPE
Description
Particulars
Details of director/partner
a. Name
b. Registration No. as IP (if applicable)
c. Date of registration (if applicable)
d. E-mail address registered with the Board as IP (if applicable)
Details of cessation
a. Date of cessation as director/partner
b. Whether ceased as Whole Time Director
c. Reason of cessation (Resignation/Removal/any other)
d. Date of filing of cessation with the concerned authority
C. Details of director/partner who joined the IPE
Description
Particulars
Details of director / partner
a. Name
b. Registration No. as IP (if applicable)
c. Date of Registration (if applicable)
d. E-mail address registered with the Board as IP (If applicable)
Details of joining
a. Date of Joining as director/partner
b. Whether Joined as Whole Time Director
c. Date of filing of joining with the concerned authority
D. Composition of the Board / Partnership of the IPE before and after cessation/joining
of the Director / Partner
Sl.
No.
Composition (before cessation/joining)
Composition (after cessation/joining)
Name of
the
director/
partner
Designatio n
(whole time
director /
director /
partner, as
the case
may be)
Status as an IP
Name of
the
director/
partner,
as the
case
may be
Designation
(whole time
director /
director /
partner, as
the case may
be)
Status as an IP
Yes
/
No
If yes, IP
Registration
Number
Yes
/
No
If yes, IP
Registration
Number
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Page 47 of 52
AFFIRMATION
I, on behalf of [name of the IPE], hereby affirm that-
(i) I am submitting the above information within seven days of the cessation or joining of partner or
director, as the case may be, in IPE;
(ii) None of the directors or partners, as the case may be, of the IPE is a partner or director of
another IPE; and
2. I, on behalf of [name of the insolvency professional entity], hereby declare that all information
contained in this form are complete and correct to the best of my knowledge and belief.
Yours faithfully,
Place:
Date:
ATTACHMENTS
(Authorised Signatory)
(Name) (Designation) (Name of the
IPE)
(Recognition Number of the IPE)
1. Affirmation of the director / partner (In Annexure I / II) ceasing or joining as director /
partner of the IPE
2. Evidence of deposit / payment of fee, along with GST, as required under the regulation
13(2)(b), 13(2)(c) and 15, as the case may be. (Please note that a fee of rupees two thousand,
plus GST as applicable, is payable in respect of cessation / joining of each director / partner).
Annexure 1 To Form F
[Under regulation 13 (2) (b) of the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) Regulations, 2016]
To
The Executive Director (IPE Division)
Insolvency and Bankruptcy Board of India
Subject: Declaration on cessation of a Director / Partner of (Name of the IPE).
Sir / Madam,
I
(name), hereby affirm that I have ceased to be a
director / partner of the _
(name of IPE) bearing IPE recognition No.
______________with effect from
(dd-mm-yyyy). I shall, however,
Page 48 of 52
remain liable for every act of omission or commission by the IPE when I was its director / partner.
Yours faithfully,
(Name of ex-Director / ex-Partner)
Annexure 2 To Form F
[Under regulation 13 (2) (c) of the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) Regulations, 2016]
To
The Executive Director (IPE Division)
Insolvency and Bankruptcy Board of India
Subject: Affidavit on joining as Director / Partner of (Name of IPE)
Sir / Madam,
I
(name) hereby affirm that I have joined as a director
/ partner
(name of an IPE) bearing IPE
recognition no.
with effect from
(dd-mm-yyyy).
I am not a director / partner in any other IPE.
Yours faithfully,
(Name of Director / Partner).]
Page 49 of 52
114[Form G
[Under Regulation 7(2)(ca) and 13(2)(ca) of the Insolvency and Bankruptcy Board of India
(Insolvency Professionals) Regulations, 2016]
To
The General Manager (IPE Division)
Insolvency and Bankruptcy Board of India
Subject: Annual statement of services rendered by an insolvency professional entity
Sir / Madam,
Part A – For services under regulation 7(2)(ca)
1. I, [Insert name], being duly authorised for the purpose, hereby submit the annual statement for
the insolvency professional entity [Insert name of the insolvency professional entity] in the
financial year [Insert financial year], as under:
Sl. No. Name
of
Corporate
Debtor
/
Guarantor
Corporate
Identification
Number
/
LLPIN
of
Corporate
Debtor
/
Identification
Number
of
Guarantor
Services rendered as (IRP / RP
in a Corporate Insolvency
Resolution
Process
/
Authorised Representative in a
Corporate
Insolvency
Resolution Process/ Liquidator
/ RP in Insolvency Resolution
for Individuals/ Bankruptcy
Trustee / Other, if any)
Amount towards
services rendered
in the year (In
Rs.)
1
2
3
…
Total
Part B – For services under regulation 13(2)(ca)
2. I, [Insert name], having been duly authorised for the purpose, hereby submit the annual
statement for the insolvency professional entity [Insert name of the insolvency professional
entity] in the financial year [Insert financial year], as under:
Sl. No. Name
of
Corporate
Debtor
/
Guarantor
Corporate
Identification
Number / LLPIN
of
Corporate
Debtor
/
Identification
Number
of
Guarantor
Name
of
IP
who
rendered
services as IRP
/
RP
/
Liquidator
/
Bankruptcy
Trustee / Other,
if any
Broad description
of kind of service
rendered
Amount
towards
services
rendered
in
the year (In
Rs.)
114 Substituted by Notification No. IBBI/2022-23/GN/REG097, dated 20th September, 2022 (w.e.f. 01.10.2022).
Page 50 of 52
1
2
3
…
Total
3. The following amounts are payable to the Board:
SI.
No.
Under regulation
Amount Payable (Rs.)
1
Regulation 7(2)(ca)
2
Regulation 13(2)(ca)
3
Regulation 15, being interest from … to …..
Total
4. A sum of Rs.…, as worked out in Para 3 above, has been deposited into the account of the
Board, vide…....
5. I, [insert name], hereby affirm that –
(i)
all information contained in this statement is true and correct in all material respects and
(ii)
no material information relevant for the purpose of this statement has been suppressed.
(iii)
I, [Insert Name], am duly authorised to submit this form on behalf of the insolvency
professional entity [Insert name of the insolvency professional entity].
Authorised Signatory
(Name)
(Designation)
(Name of the Insolvency Professional Entity--------)
(Recognition Number of the Insolvency Professional Entity----)
(Insolvency Professional Registration Number -----------)
Place:
Date :….]
115[FORM H
[Under regulation 13(2) of the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) Regulations, 2016]
To
The Executive Director (IPE Division)
Insolvency and Bankruptcy Board of India
Subject: Compliance Certificate under sub-regulation 2(cb) of regulation 13 of Insolvency
and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.
Sir / Madam,
115 Inserted by Notification No. IBBI/2019-20/GN/REG049, dated 25th October, 2019 (w.e.f. 25.10.2019).
Page 51 of 52
I, [name of the authorised signatory], having been authorised for the purpose, on behalf of [name
of insolvency professional entity] with [recognition number of the insolvency professional entity],
hereby affirm that the insolvency professional entity has
(a) at all times complied with clauses (a) to (g) of sub-regulation (1) of regulation 12; and
(b) complied with clauses (b) to (ca) of sub-regulation (2) of regulation 13
of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations,
2016 during the financial year …….
2. I, on behalf of [name of the insolvency professional entity], hereby submit the following
information, reflecting the status as on 31st March
(Year):
(i) Sole objective/nature of business of the IPE [Description of the sole objective].
(ii) Net worth of the IPE:
(iii) Director / Partners:
Sl.
No.
Name of
the
director/
partner
Address
of
the
director/
partner
DIN/DPIN
(if
available)
PAN Registration
No.
as
an
insolvency
professional
Professional
membership
No.
(if
applicable)
% share in
shares
/
capital
contributed
Whether
Whole
Time
Director
(Yes / No)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(iv)
None of the directors / partners, as the case may be, is a director of or partner of another
insolvency professional entity.
3. I, on behalf of [name of the insolvency professional entity], hereby affirm that all information
contained in this form is complete and correct to the best of my knowledge and belief.
Yours faithfully,
Authorised Signatory
(Name)
(Designation)
(Name of IPE)
(IPE Recognition Number)
Page 52 of 52
Place:
Date:
ATTACHMENTS
Certificate of net worth, (as at the end of last financial year) of IPE, issued by a Chartered
Accountant along with copy of audited financial statements of the IPE, at the end of last financial
year.]
