Section 204 of Insolvency and Bankruptcy Code 2016
(Notified by S.O. 3453(E) Dated 15.11.2016)
Functions of insolvency professional agencies.
204. An insolvency professional agency shall perform the following functions, namely:—
(a) | grant membership to persons who fulfil all requirements set out in its bye-laws on payment of membership fee; | |
(b) | lay down standards of professional conduct for its members; | |
(c) | monitor the performance of its members; | |
(d) | safeguard the rights, privileges and interests of insolvency professionals who are its members; | |
(e) | suspend or cancel the membership of insolvency professionals who are its members on the grounds set out in its bye-laws; | |
(f) | redress the grievances of consumers against insolvency professionals who are its members; and | |
(g) | publish information about its functions, list of its members, performance of its members and such other information as may be specified by regulations. |