The Insolvency and Bankruptcy Code, 2016

Appeal to National Company Law Appellate Tribunal Any information utility which is aggrieved by the order of the Board made under section 210 may prefer an appeal to the National Company Law Appellate Tribunal in such form, within such period, and in such manner, as may be specified by regulations. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | […]

Registration of information utility (1) Every application for registration shall be made to the Board in such form and manner, containing such particulars, and accompanied by such fee, as may be specified by regulations: Provided that every application received by the Board shall be acknowledged within seven days of its receipt. (2) On receipt of the application under sub-section (1), the Board may, on

No person to function as information utility without certificate of registration Save as otherwise provided in this Code, no information utility shall carry on its business under this Code except under and in accordance with a certificate of registration issued in that behalf by the Board. Practice area’s of B K Goyal & Co LLP Income Tax Return

Functions and obligations of insolvency professionals (1) Where any insolvency resolution, fresh start, liquidation or bankruptcy process has been initiated, it shall be the function of an insolvency professional to take such actions as may be necessary, in the following matters, namely: – (a) a fresh start order process under Chapter II of Part III; (b) individual insolvency resolution process under Chapter III of Part III (c)

Registration of insolvency professionals (1) Every insolvency professional shall, after obtaining the membership of any insolvency professional agency, register themselves with the Board within such time, in such manner and on payment of such fee, as may be specified by regulations. (2) The Board may specify the categories of professionals or persons possessing such qualifications and experience in the field of finance, law, management, insolvency

Enrolled and registered persons to act as insolvency professionals. No person shall render his services as insolvency professional under this Code without being enrolled as a member of an insolvency professional agency and registered with the Board. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration |

Insolvency professional agencies to make bye-laws Subject to the provisions of this Code and any rules or regulations made thereunder and after obtaining the approval of the Board, every insolvency professional agency shall make bye-laws consistent with the model bye-laws specified by the Board under sub-section (2) of section 196. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal |

Functions of insolvency professional agencies An insolvency professional agency shall perform the following functions, namely: – (a) grant membership to persons who fulfil all requirements set out in its bye-laws on payment of membership fee; (b) lay down standards of professional conduct for its members; (c) monitor the performance of its members; (d) safeguard the rights, privileges and interests

Governing Board of insolvency professional agency The Board may, for the purposes of ensuring that every insolvency professional agency takes into account the objectives sought to be achieved under this Code, make regulations to specify- (a) the setting up of a governing board of an insolvency professional agency; (b) the minimum number of independent members to be on the governing board of

Appeal to National Company Law Appellate Tribunal Any insolvency professional agency which is aggrieved by the order of the Board made under section 201 may prefer an appeal to the National Company Law Appellate Tribunal in such form, within such period, and in such manner, as may be specified by regulations. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing