MCA vide Notification dated November 23, 2016 has notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (‘Regulations”). These regulations inter alia provide for registration, regulation and oversight of insolvency professionals under the Insolvency and Bankruptcy Code, 2016. These regulations shall come into effect from 29th November, 2016.

As per the Regulations , following categories of individuals are eligible for registration as an insolvency professional:

1. Advocates or Chartered Accountants or Company Secretaries or Cost Accountants with 10 years of post-membership experience (practice or employment) or a Graduate with 15 years of post-qualification managerial experience, on passing the Limited Insolvency Examination. However, Advocates or Chartered Accountants or Company Secretaries or Cost Accountants with more than 15 years’ of practice experience may seek registration, without any examination. But applications for such registration need to be made till 31st December, 2016 and such registration shall be valid for a limited period of six months.
2. Any other individual on passing the National Insolvency Examination.
3. An LLP or a registered partnership firm or a company may be recognised as an insolvency professional entity if a majority of the partners of LLP or registered partnership firm or a majority of the whole-time directors of the company are registered as insolvency professionals under the Insolvency and Bankruptcy Code, 2016.

Click here to download the Regulations