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The Insolvency and Bankruptcy Board of India (IBBI) has amended the regulations around ‘insolvency professionals’.
The amendment regulations -- which will come into effect from April 1 — spells out the conditions under which registration could be granted to insolvency professionals.
It also specifies the conditions under which a company, partnership or limited liability partnership can function as an insolvency professional entity.
As a condition of registration, an insolvency professional would have to undergo continuing professional education as may be required by the IBBI. Also, an insolvency professional should not outsource any of his duties and responsibilities under the Code, an official release said.
An insolvency professional would have to disclose the fee payable to him, the fee payable to the insolvency professional entity, and the fee payable to professionals engaged by him to the insolvency professional agency of which he is a professional member and the agency shall publish such disclosure on its website, according to the amended regulation.
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