Registration of insolvency professionals Section 207: Registration of insolvency professionals. *207. (1) Every insolvency professional shall, after obtaining the membership of any insolvency professional agency, register himself with the Board within such time, in such manner and on payment of such fee, as may be specified by regulations. (2) The Board may specify the categories … Read more
Enrolled and registered persons to act as insolvency professionals Section 206: Enrolled and registered persons to act as insolvency professionals. *206. No person shall render his services as insolvency professional under this Code without being enrolled as a member of an insolvency professional agency and registered with the Board.
Insolvency professional agencies to make bye-laws Section 205: Insolvency professional agencies to make bye-laws. *205. Subject to the provisions of this Code and any rules or regulations made thereunder and after obtaining the approval of the Board, every insolvency professional agency shall make bye-laws consistent with the model bye-laws specified by the Board under sub-section … Read more
Functions of insolvency professional agencies Section 204: 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 byelaws on payment of membership fee; (b) lay down standards of professional conduct for its members; (c) monitor the … Read more
Governing Board of insolvency professional agency Section 203: Governing Board of insolvency professional agency. *203. The Board may, for the purposes of ensuring that every insolvency professional agency takes into account the objectives sought to be achieved under this Code, make regulations to specify— (a) the setting up of a governing board of an insolvency … Read more
Appeal to National Company Law Appellate Tribunal Section 202: Appeal to National Company Law Appellate Tribunal. Any insolvency professional agency which is aggrieved by the order of the Board made under section 201 may prefer an appeal to the National Company Law Appellate Tribunal in such form, within such period, and in such manner, as … Read more
Registration of insolvency professional agency Section 201: Registration of insolvency professional agency. *201. (1) Every application for registration shall be made to the Board in such form an manner, containing such particulars, and accompanied by such fee, as may be specified by regulations: Provided that every application received by the Board shall be acknowledged within … Read more
Principles governing registration of insolvency professional agency Section 200: Principles governing registration of insolvency professional agency. *200. The Board shall have regard to the following principles while registering the insolvency professional agencies under this Code, namely:— (a) to promote the professional development of and regulation of insolvency professionals; (b) to promote the services of competent … Read more
No person to function as insolvency professional agency without valid certificate of registration Section 199: No person to function as insolvency professional agency without valid certificate of registration. *199. Save as otherwise provided in this Code, no person shall carry on its business as insolvency professional agencies under this Code and enrol insolvency professionals as … Read more
Condonation of delay Section 198: Condonation of delay. *198. Notwithstanding anything contained in this Code, where the Board does not perform any act within the period specified under this Code, the relevant Adjudicating Authority may, for reasons to be recorded in writing, condone the delay.