Eligibility Criteria to become Insolvency Professional
- For Chartered Accountants to become Insolvency ProfessionalAn individual shall be eligible to be registered for a limited period (as per Regulation 9 of the said Regulations) as an insolvency professional if he has been ‘in practice’ for a minimum period of fifteen years as a chartered accountant enrolled as a member of the Institute of Chartered Accountants of India and who is not in employment.
Fee for Registration:
An Insolvency Professional is required to submit an application for registration in Form A of the Second Schedule of the Insolvency Professionals Regulations to IIIPI with which he is being enrolled on or before 31st December, 2016 along with a non-refundable application fee of Seven thousand rupees.The Cheque/ DD should be in favour of “Indian Institute of Insolvency Professionals of ICAI” which should be submitted to Secretariat, 4thFloor, Administrative Block, A- 29, Sector- 62, Noida alongwith the Registration Form.
Limited period registration shall be valid for a period of six months from the date of such submission.
- For Lawyers, Cost Accountants and Company Secretaries to become Insolvency Professional
An individual shall be eligible to be registered for a limited period as an insolvency professional if he has been ‘in practice’ for fifteen years as a cost accountant, company secretary or a lawyer enrolled as a member of their respective institutes/ Bar CouncilFee for Registration:
An Insolvency Professional is required to submit an application for registration in Form A of the Second Schedule of the Insolvency Professionals Regulations to IIIPI with which he is being enrolled on or before 31st December, 2016 along with a non-refundable application fee of Seven thousand rupees.The DD should be in favour of “Indian Institute of Insolvency Professionals of ICAI” which should be submitted to Secretariat, 4th Floor, Administrative Block, A- 29, Sector- 62, Noida alongwith the Registration Form.
Limited period registration shall be valid for a period of six months from the date of such submission. After that the eligibility criteria to become an Insolvency Professional would be as per Regulation 5 of the Insolvency Professionals Regulations.
For other details, please refer the Insolvency Professionals Regulations at the link- http://www.ibbi.gov.in/Law/IPA%20REGULATIONS_professional_agencies.pdf