Companies LawLegal Updates

IBBI mandates IP to inform the Board within 7 days from joining as director or partner

IBBI Updates

In reference to Reg. 13 (2) of IBBI (Insolvency Professionals) Regulations, 2016 IBBI directs insolvency professional entity (IPE) to inform the Board within 7 days from the date when an insolvency professional ceases to be its director or partner or joins as its partner or director. In addition, states that in case insolvency professional has failed to inform in the past, they are required to intimate the Board about their cessation or joining as company’s partner or director not later than 7th September, 2018. In addition, directs that the information should be provided by the authorised signatory of the IPE in the format provided in the Annexure to ipe@ibbi.gov.in from the email address of the IPE registered with the Board. Further, IBBI highlights that failure to comply would lead to the withdrawal of recognition granted to an IPE.

The respective directions have been taken in reference to the Reg. 13 (2) of IBBI (Insolvency Professionals) Regulations, 2016 which states as below :

“(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;
(b) inform the Board, within seven days, when an insolvency professional ceases to
be its director or partner, as the case may be;
(c) inform the Board, within seven days, when an insolvency professional joins as
its director or partner, as the case may be; and
(d) abide by such other conditions as may be specified.”.

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