Laws and sections by number or title, due dates, pages, and updates.
The Insolvency and Bankruptcy Board of India allows insolvency professional agencies to deliver pre-registration educational courses online for professional members. This change minimizes difficulties for prospective insolvency professionals due to advisories issued for COVID-19. The online delivery dispensation is available until 30th September 2020 for any professional member who submits an application for registration to the Board by 31st October 2020.
What you must do
Key dates
Who is affected
Ask about this circular
Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001
ADVISORY
No. IBBI/IPA/031/2020
20th March, 2020
To All Registered Insolvency Professional Agencies (IPAs) (By mail to registered email addresses and on website of the IBBI)
Dear Madam / Sir,
Subject: Pre-registration Educational Course under the IBBI (Insolvency Professional) Regulations, 2016.
The regulation 5 of the IBBI (Insolvency Professional) Regulations, 2016 (IP Regulations) provides that an individual is eligible for registration as an insolvency professional (IP), if he has, among other requirements, completed a pre-registration educational course, as may be required by the Board, from an insolvency professional agency (IPA) after his enrolment as a professional member. In pursuance of this, the Board specified the details of the pre-registration educational course vide a Circular No. IPA/011/2018 dated 23rd April, 2018 that the pre-registration educational course shall be delivered by IPAs in not less than 50 hours either in class room sessions or in MOOCS environment and the participants must have opportunity to do the tasks themselves in a near-real environment with practical examples.
In view of the advisories issued by various authorities in the wake of COVID-19, it may be difficult for the IPAs to deliver pre-registration educational courses through class room sessions. To minimise difficulties for the prospective IPs, it has been decided that pre-registration educational courses completed online will be accepted for registration. Therefore, the IPAs are encouraged to deliver pre-registration educational courses online for their professional members.
The dispensation in Para (2) above will be available till 30th September, 2020 for a professional member, provided he submits an application for registration to the Board by 31st October, 2020. This means that a pre-registration educational course completed online before 30th September, 2020 will be considered for registration for application submitted before 31st October, 2020.
Yours faithfully,
Sd/-
(Debajyoti Ray Chaudhuri)
Chief General Manager
Email: dr.chaudhuri@ibbi.gov.in
