Temporary Surrender and Revival of Professional Membership of Insolvency Professional-Circular
Insolvency and Bankruptcy Board of India
7th Floor, Mayur Bhawan, Connaught Place, New Delhi – 110001
CIRCULAR
No. IBBI/IP/021/2019
2nd May, 2019
To
All Registered Insolvency Professionals
All Recognised Insolvency Professional Entities
All Registered Insolvency Professional Agencies
(By mail to registered email addresses and on website of the IBBI)
Dear Madam / Sir,
Sub: Temporary Surrender and Revival of Professional Membership of an Insolvency Professional.
Regulation 10 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (IP Regulations) read with clause 26 of the Schedule to the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (Model Bye-Laws Regulations) provide for temporary surrender and revival of professional membership by an Insolvency Professional (IP).
2. Temporary surrender of professional membership creates inconveniences where the IP is:
(a) conducting a process – corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy – under the Code;
(b) is acting as an authorised representative representing any class of financial creditors;
(c) is included in the panel under ‘Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018’ or similar Guidelines,
(d) is included in the panel under ‘the Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018’ or similar Guidelines; or
(e) is acting as an Administrator under ‘the Guidelines for Appointment of Insolvency Professionals as Administrators the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018’ or similar Guidelines.
3. It is, therefore, advised that the Insolvency Professional Agency (IPA) shall not ordinarily accept temporary surrender of professional membership of an IP in cases under Para 2.
4. It is further advised that the following forms may be used to process acceptance of temporary surrender and revival of professional membership of an IP:
a. Form A: Application by an IP to IPA for temporary surrender;
b. Form B: Intimation to the Board on acceptance of temporary surrender by the IPA;
c. Form C: Letter of acceptance of temporary surrender by the IPA to IP;
d. Form D: Application by an IP for revival of his professional membership;
e. Form E: Intimation to the Board on revival of professional membership by the IPA; and
f. Form F: Letter of revival of professional membership by the IPA to IP.
5. This circular is issued in exercise of the powers conferred under clause (aa), (g) and (p) of sub-section (1) of section 196 of the Insolvency and Bankruptcy Code, 2016 in consultation with the Insolvency Professional Agencies.
Yours faithfully,
-Sd-
(Dilip Arjun Khandale)
Deputy General Manager
dilip.khandale@ibbi.gov.in
Penalty u/s 271B for unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. for previous…
Merely rectifying computation without amending assessment order without notice to assessee does not nullify the entire assessment - ITAT In…
Once assessee discharges primary onus of providing basic documents in support of the identity, genuineness and the creditworthiness it shifts…
CBDT has notified Cost Inflation Index for Financial Year / Tax Year 2026-27 CBDT has notified "384" as Cost Inflation…
Power of CIT(A) under section 251(1)(a) to remand case could be exercised only when the assessment is passed u/s 144…
ICAI (Global Networking) Guidelines, 2025 kept in abeyance In February 2026, ICAI had issued ICAI (Global Networking) Guidelines 2025 to…