Insolvency Professional Agency: Meaning, Registration & Functions
- Blog|Insolvency and Bankruptcy Code|
- 2 Min Read
- By Taxmann
- Last Updated on 14 March, 2023
1. Insolvency Professional Agency Meaning:
Insolvency professional agency means any person registered with the Board (IBBI) under section 201 of Insolvency Code, 2016 as an insolvency professional agency – section 3(20) of Insolvency Code, 2016. The Insolvency Professional Agencies will develop professional standards, code of ethics and be first level regulator for Insolvency professionals members. This will lead to development of a competitive industry for such professionals. ICAI, ICSI and ICMA have already formed section 8 companies and have applied for registration with IBBI as Insolvency Professional Agency.
2. Registration of Insolvency Professional Agency:
3. Functions of Insolvency Professional Agency:
4. Model Bye laws of Insolvency Professional Agency:
5. Control over Insolvency Professional Agency by Board ( IBBI ):
IBBI will exercise control over Insolvency Professional Agency and Insolvency Professional. Complaints can be made to IBBI under section 217 of Insolvency Code. IBBI can carry out investigation of Insolvency Professional Agency and Insolvency Professional under section 218 of Insolvency Code. Disciplinary action can be taken against Insolvency Professional Agency or Insolvency Professional by appointing disciplinary committee under section 220 of Insolvency Code.
All these sections have been notified and made effective from 15-11-2016.
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