valid as on 04/06/2020

2.3.10:Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.

Temporary surrender.

10.   An insolvency professional agency shall inform the Board when it-

(a) issues or renews an authorisation for assignment;

(b) suspends or cancels an authorisation for assignment;

(c) revokes the suspension of an authorisation for assignment; or

(d) accepts the surrender of an authorisation for assignment,

within one working day of taking such action.

(1) An insolvency professional agency shall inform the Board if any of its professional members has temporarily surrendered his certificate of membership or revived his certificate of membership after temporary surrender, not later than seven days from approval of the application for , as the case may be.

(2) The Board shall take note of the information received under sub-regulation (1).

 Substituted vide the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019 dated 23.07.2019. To view the Notification, Click Here.
IBBI vide its Circular dated 02.05.2019 details the circumstances when the application for Temporary Surrender and Revival of Professional Membership made by an Insolvency Professional shall not be accepted by the Insolvency Professional Agency (IPA). To view the Circular, Click Here.

The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019 dated 23.07.2019


Circular on Temporary Surrender and Revival of Professional Membership of an Insolvency Professional dated 02.05.2019


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