Eligibility Criteria to become Insolvency Professional

By | December 11, 2016
(Last Updated On: December 11, 2016)

Eligibility Criteria to become Insolvency Professional

  1. For Chartered Accountants to become Insolvency Professional

    An 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.

  2. 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 Council

    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 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

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