bankruptcy

Insolvency Professional to pay IBBI percentage annual fee earned. IP entities to pay application fee of Rs. 50000/-

Insolvency Professional to pay IBBI 0.25 percent of annual fee earned from insolvency professional services rendered. Insolvency professional entities to pay application fee of 50000/- rupees

THE GAZETTE OF INDIA
EXTRAORDINARY
PART III, SECTION 4
PUBLISHED BY AUTHORITY
NEW DELHI, THURSDAY, 11TH OCTOBER, 2018
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION

New Delhi, the 11th October, 2018

Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2018

IBBI/2018-19/GN/REG036. In exercise of the powers conferred by sections 196, 207 and 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, namely: –

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2018.

(2) They shall come into force on the date of publication in the Official Gazette.

2. In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (hereinafter referred to as the principal regulations), in regulation 7, in sub-regulation (2), for clause (c), the following clauses shall be substituted, namely: –

“(c) pay to the Board, a fee of ten thousand rupees, every five years after the year in which the certificate is granted and such fee shall be paid on or before the 30th April of the year it falls due;

Illustration

Where registration is granted on 2nd February, 2018 in the year 2017-18, the fee shall become due on 1st April, 2023, after five years (2018-19, 2019-20, 2020-21, 2021-22 and 2022-23) and it shall be paid on or before the 30th April, 2023.

(ca) pay to the Board, a fee calculated at the rate of 0.25 percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or before the 30th of April every year, along with a statement in Form E of the Second Schedule;”;

3. In the principal regulations, in regulation 12, for sub-regulation (2), the following sub regulation shall be substituted, namely: –

“(2) A person eligible under sub-regulation (1) may make an application for recognition as an insolvency professional entity to the Board in Form C of the Second Schedule along with an application fee of fifty thousand rupees.”.

4. In the principal regulations, in regulation 13, in sub-regulation (2), for clauses (b) and (c), the following clauses shall be substituted, namely: –

“(b) inform the Board, within seven days, when an individual ceases to be its director or partner, as the case may be, in Form F of the Second Schedule along with a fee of two thousand rupees;

(c) inform the Board, within seven days, when an individual joins as its director or partner, as the case may be, in Form F of the Second Schedule along with a fee of two thousand rupees;

(ca) pay to the Board, a fee calculated at the rate of 0.25 percent of the turnover from the services rendered by it in the preceding financial year, on or before the 30th of April every year, along with a statement in Form G of the Second Schedule; and”.

5. In the principal regulations, after regulation 14, the following regulation shall be inserted, namely: –

“15. Interest.– Without prejudice to any other action which the Board may take as deemed fit under the Code or any regulations made thereunder, any delay in payment of fee by an insolvency professional or an insolvency professional entity, a simple interest at the rate of 12% per annum on the amount of fee unpaid shall be paid to the Board after the last date of payment of fee under these regulations.”.

6. In the principal regulations, in the Second Schedule, after Form D, the following Forms shall be inserted, namely:

“FORM E
[Under Regulation 7 (2)(ca) of the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) Regulations, 2016]

FORM F
[Under Regulation 13 (2) (b) and 13 (2) (c) of the Insolvency and Bankruptcy Board of India
(Insolvency Professionals) Regulations, 2016]

FORM G
[Under Regulation 13 (2) (ca) of the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) Regulations, 2016]

Download Notification Click Here >>

Share

Recent Posts

  • ICAI

Empanelment of ICAI Exam observer for January 2027 Examinations. Last date: 20.11.2026

Empanelment to act as ICAI exam observers for January 2027 CA Examination. Last date to apply is 20.11.2026 Empanelment of…

8 hours ago
  • GST

No arrest under GST- Major decision of 57th Meeting of GST Council held on 8th October 2026

No arrest under GST- Major decision taken in 57th Meeting of the GST Council on 8th October 2026 PRESS RELEASE…

2 days ago
  • Income Tax

Later SC ruling cannot render an act done in compliance of a court order a statutory default

A subsequent Apex Court ruling on the substantive issue cannot retrospectively make an act done in compliance of a binding…

3 days ago
  • Income Tax

Interest payment on mobilisation advance to NHAI not liable to TDS u/s 194A

Interest payment on mobilisation advance to NHAI not liable for deduction of tax at source u/s 194A - ITAT Interest…

3 days ago
  • Income Tax

Typographical error in turnover accepted during assessment not a mistake apparent from record

Typographical error in turnover declared in ITR was not as a mistake apparent from the record u/s 154 when AO…

5 days ago
  • Income Tax

Plea that assessee was not aware of order cannot be brushed aside in absence of proof of service

Ground taken by assessee that he was not aware of the order cannot be brushed aside so lightly in absence…

5 days ago