Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2020 dated 20 April 2020
Posted On : June 01, 2020
1. Payment of registration fees by insolvency professionals:The registration fee, payable by the insolvency professional for the financial year 2019-20, shall be paid to the IBBI on or before 30thJune 2020 (in accordance with Regulation 7(2)(ca));
2. Cessation of director/partner:Upon cessation of an individual as the director/partner of an insolvency professional entity, such entity shall inform the IBBI of such cessation within 30 days of the cessation provided that such cessation occurs on or between 28 March and 31 December 2020 (in accordance with Regulation 13(2)(b));
3. Appointment of new director/partner:Upon the appointment or joining of an individual as a director/partner of an insolvency professional entity, such entity shall inform the IBBI about the directorship/partnership of such individual within 30 days from the date of joining provided that such joining occurs on or between 28 March and 31 December 2020 (in accordance with Regulation 13(2)(c));
4. Payment of fees by insolvency professional entity:The fee, payable by insolvency professional entities for the financial year 2019-20 and calculated at 0.25 percent of the turnover from the services rendered by it in the preceding financial year, shall be paid to the IBBI on or before 30thJune 2020 (in accordance with Regulation 13(2)(ca).
2. Cessation of director/partner:Upon cessation of an individual as the director/partner of an insolvency professional entity, such entity shall inform the IBBI of such cessation within 30 days of the cessation provided that such cessation occurs on or between 28 March and 31 December 2020 (in accordance with Regulation 13(2)(b));
3. Appointment of new director/partner:Upon the appointment or joining of an individual as a director/partner of an insolvency professional entity, such entity shall inform the IBBI about the directorship/partnership of such individual within 30 days from the date of joining provided that such joining occurs on or between 28 March and 31 December 2020 (in accordance with Regulation 13(2)(c));
4. Payment of fees by insolvency professional entity:The fee, payable by insolvency professional entities for the financial year 2019-20 and calculated at 0.25 percent of the turnover from the services rendered by it in the preceding financial year, shall be paid to the IBBI on or before 30thJune 2020 (in accordance with Regulation 13(2)(ca).