The Insolvency and Bankruptcy Board of India on 28th September 2022, published the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Fourth Amendment) Regulations, 2022 through which it has notified a new form AA for application for registration as an insolvency professional.
As per the amendment, No insolvency professional entity, recognised by the Board, shall be eligible to be registered as an insolvency professional, if the entity and/or any of its partner or director, as the case may be, is not fit and proper person.
The insolvency professional entity eligible for registration as an insolvency professional shall make an application to the Board in Form AA of Second Schedule along with a non-refundable application fee of two lakh rupee.
Further under regulation 7 which deals with Certificate of registration in which a new clause (ha) under sub-regulation 2 has been notified as follows:
(ha) in case an insolvency professional entity is an insolvency professional, it shall allow only a partner or director, as the case may be, who is an insolvency professional and holds a valid authorisation for assignment to sign and act on behalf of it.
