IBBI has revised fees applicable to Insolvency Professionals and IPEs

Insolvency and Bankruptcy Board of India (IBBI) has enhanced its existing fee structure and has introduced a regulatory fee. These revisions will be applicable to Insolvency professionals (IPs) and Insolvency Professional Entities (IPEs).   In doing so, it has amended the following laws:  

1. IBBI (Insolvency Professionals) Regulations, 2016;
2. IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016; and
3. IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.  

The fees shall be credited to  bank account of the Board, as per details below:-                 

Beneficiary Name : Insolvency and Bankruptcy Board of India         

Bank: Punjab National Bank         

A/c No. : 0128002100302250         

IFSC : PUNB0112000        

 Branch : ECE House, Connaught Place, New Delhi-110001         

GST Number: 07AAAGI0193K1ZD  

The Notification contemplates the introduction of the following two Regulatory Fees:

1. Related to resolution plans
2. Related to hiring any professional or other services

The notification also introduces the following fees for IPEs:

1. Application Fees for registration of IPE as an IP (One-time) and
2. Fees (5 yearly)

All of these newly introduced fees are to be submitted through physical mode or through multiple payment modes.

The fee for change in composition of Board of IPE remains unchanged at Rs. Rs.2,000/- per individual. This applies in the case of cessation or joining the Board.

Additionally, there has been an enhancement in the following fees applicable to IPs:

1. Application Fees (One-time)
2. Fees (5 yearly) and
3. Annual Fee

Also, for IPEs the following fees are increased:

1. Application Fees for recognition as an IP (Onetime) and
2. Annual Fee

However, the online payment module for these fees is not yet implemented.