The Insolvency and Bankruptcy Board of India vide its notification dated 27th April 2021 has published the IBBI (Insolvency Professionals) (Amendment) Regulations, 2021 to further amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.
Through this amendment, under regulation 7(2) (ca), the insolvency professional shall pay to the Board, a fee calculated at the rate of 0.25 percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or before the 30th of April every year, along with a statement in Form E of the Second Schedule;
Provided further that for the financial year 2020-2021, an insolvency professional shall pay the fee under this clause on or before the 30th June, 2021.
Further under regulation 13 the board may grant a certificate of recognition as an insolvency professional entity in Form D, subject to the conditions that the insolvency professional entity shall-
inform the Board, within seven days, when an individual ceases to be its director or partner, as the case may be, in Form F of the Second Schedule along with a fee of two thousand rupees;
“Provided further that when an individual ceases to be its director or partner, as the case may be, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2021 and ending on the 31st December 2021, the insolvency professional entity shall inform the Board, within thirty days of such cessation.
