The Insolvency and Bankruptcy Board of India, in its notification dated 25th October 2019 has published The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2019 to further amend The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2019 (IBBI Regulations). The Notification shall be effective from 25th October 2019
The Amendment is brought under Regulation 13(2)(cb) of IBBI Regulations.
Regulation 13 deals with grant of certificate of recognition by the board, in which a new clause 13(2) (cb) has been inserted, namely:-
“(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 recognized 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.”
In the Second Schedule, Form A providing ‘Application of registration as an insolvency professional’, Form C providing ‘Application for recognition as an insolvency professional entity’ and Form F providing ‘Information of cessation/joining of a Director / Partner in an insolvency professional entity’ has been substituted with new forms. A new Form H is added, which provides form for filing Compliance Certificate under sub-regulation 2 (cb) of regulation 13.
Click here to read the Notification
