Registration opens with IIIPI for Insolvency Professionals (CA, Lawyers, Cost Accountants and CS)

Indian Institute of Insolvency professionals of ICAI (IIIPI) starts registrations for Insolvency Professionals

The Indian Institute of Insolvency Professionals of ICAI (IIIPI) has started the process of registration of Insolvency Professionals and the Applications can be submitted by Chartered Accountants, Lawyers, Cost Accountants and Company Secretaries on or before 31 Dec. 2016 for enrollment.

IIIPI is a section 8 Company formed by the ICAI to enroll  and regulate insolvency professionals as its members in accordance with the Insolvency and Bankruptcy code 2016 and read with regulations.

As per the Bankruptcy Code, 2016, the insolvency resolution processes are to be conducted by the Insolvency Professionals, who are required to be members of an Insolvency Professional Agency which in turn is to be registered with the Insolvency and Bankruptcy Board of India.

Functions of an Insolvency Professional

Where any insolvency resolution, fresh start, liquidation or bankruptcy process has been initiated, it shall be the function of an insolvency professional to take such actions as may be necessary, in the following matters, namely:—
a) a fresh start order process
b) individual insolvency resolution process
c) corporate insolvency resolution process
d) individual bankruptcy process and
e) liquidation of a corporate debtor firm

Eligibility Criteria & Fee Applicable For Chartered Accountants to become Insolvency Professional

An individual shall be eligible to be registered for a limited period (as per Regulation 9 of the said Regulations) as an insolvency professional if he has been ‘in practice’ for a minimum period of fifteen years as a chartered accountant enrolled as a member of the Institute of Chartered Accountants of India and who is not in employment.

An Insolvency Professional is required to submit an application for registration in Form A of the Second Schedule of the Insolvency Professionals Regulations to IIIPI with which he is being enrolled on or before 31st December, 2016 along with a non-refundable application fee of Seven thousand rupees. The Cheque/ DD should be in favour of “Indian Institute of Insolvency Professionals of ICAI” which should be submitted to Secretariat, 4th Floor, Administrative Block, A- 29, Sector- 62, Noida alongwith the Registration Form. Limited period registration shall be valid for a period of six months from the date of such submission.

Eligibility Criteria and Fee Applicable For Lawyers, Cost Accountants and Company Secretaries to become Insolvency Professional

An individual shall be eligible to be registered for a limited period as an insolvency professional if he has been ‘in practice’ for fifteen years as a cost accountant, company secretary or a lawyer enrolled as a member of their respective institutes/ Bar Council.

An Insolvency Professional is required to submit an application for registration in Form A of the Second Schedule of the Insolvency Professionals Regulations to IIIPI with which he is being enrolled on or before 31st December, 2016 along with a non-refundable application fee of Seven thousand rupees. The DD should be in favour of “Indian Institute of Insolvency Professionals of ICAI” which should be submitted to Secretariat, 4th Floor, Administrative Block, A- 29, Sector- 62, Noida along with the Registration Form. Limited period registration shall be valid for a period of six months from the date of such submission. After that the eligibility criteria to become an Insolvency Professional would be as per Regulation 5 of the Insolvency Professionals Regulations.

For further details on Insolvency Professionals Regulations and Registration Application Form, please refer ICAI Announcement, as under:

ICAI Announcement dt. 29 Nov. 2016

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