The Insolvency and Bankruptcy Code, 2016

Registration of insolvency professional agency (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, […]

Principles governing registration of insolvency professional agency The Board shall have regard to the following principles while registering the insolvency professional agencies under this Code, namely: – (a) to promote the professional development of and regulation of insolvency professionals; (b) to promote the services of competent insolvency professionals to cater to the needs of debtors, creditors and such other persons as may

No person to function as insolvency professional agency without valid certificate of registration. Save as otherwise provided in this Code, no person shall carry on its business as insolvency professional agencies under this Code and enrol insolvency professionals as its members except under and in accordance with a certificate of registration issued in this behalf by the Board. Practice area’s of B

Condonation of delay. Notwithstanding anything contained in this Code, where the Board does not perform any act within the period specified under this Code, the relevant Adjudicating Authority may, for reasons to be recorded in writing, condone the delay. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice |

Constitution of advisory committee, executive committee or other committee The Board may, for the efficient discharge of its functions, may constitute advisory and executive committees or such other committees, as it may deem fit, consisting of a Chairperson and such other members as may be specified by regulations. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing |

Powers and functions of Board (1) The Board shall, subject to the general direction of the Central Government, perform all or any of the following functions namely: – (a) register insolvency professional agencies, insolvency professionals and information utilities and renew, withdraw, suspend or cancel such registrations; 1[(aa) promote the development of, and regulate, the working and practices of, insolvency professionals, insolvency professional agencies and information

Power to designate financial sector regulator Until the Board is established, the Central Government may by notification, designate any financial sector regulator to exercise the powers and functions of the Board under this Code. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing

Vacancies etc., not to invalidate proceedings of Board, and Officers and employees of Board (1) No act or proceeding of the Board shall be invalid merely by reason of – (a) any vacancy in, or any defect in the constitution of, the Board; or (b) any defect in the appointment of a person acting as a member of the Board; or

Member not to participate in meetings in certain cases Any member, who is a director of a company and who as such director has any direct or indirect pecuniary interest in any matter coming up for consideration at a meeting of the Board, shall, as soon as possible after relevant circumstances have come to his knowledge,

Meetings of Board (1) The Board shall meet at such times and places, and observe such rules of procedure in regard to the transaction of business at its meetings (including quorum at such meetings) as may be determined by regulations. (2) The Chairperson, or if, for any reason, the Chairperson is unable to attend any meeting of the Board, any other member chosen by