The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2021 had been notified.
1.
Amendment
in Regulation 7(2)(ca) [Conditions relating to Certificate of registration to
Insolvency Professionals] :
As per this regulation, insolvency professional shall pay 0.25% of the
professional fee earned for the services rendered by him as an insolvency
professional in the preceding financial year, on or before the 30th of April
every year.
After
amendment, for FY 2020-21, this time period has been extended till 30th
June 2021 i.e. IPs can pay fees till 30th June 2021.
2.
Amendment in Regulation 13(2) [Conditions for
granting Certificate of recognition as an Insolvency Professional Entity]
·
Clause (b) of the said regulation provides that Insolvency professional
entity (IPE) shall inform the Board within
7 days, when an individual ceases
to be director or partner of IPE.
After amendment,
such time limit is extended to 30 days if an individual ceases to be director or partner on and from
date of commencement of this amendment till 31st December 2021.
·
Clause (c) of the said regulation provides that Insolvency professional
entity (IPE) shall inform the Board within
7 days, when an individual joins
as a director or partner of IPE.
After amendment,
such time limit is extended to 30 days if an individual ceases to be director or partner on and from
date of commencement of this amendment till 31st December 2021.
·
Clause (ca) of the said regulation provides that IPEs shall pay 0.25% of the
professional fee earned for the services rendered by him as an insolvency
professional in the preceding financial year, on or before the 30th of April every year.
After amendment, for FY 2020-21,
this time period has been extended till 30th June 2021 i.e. IPEs can
pay fees till 30th June 2021.
Feel free to contact in case of any query or consultation.
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