valid as on 13/06/2024

IBC Section 204-Functions of insolvency professional agencies.
Effective from 15.11.2016

An insolvency professional agency insolvency professional agency shall perform the following functions, namely:—

(a) grant membership to persons who fulfil all requirements set out in its byelaws on payment of membership fee;

(b) lay down standards of professional conduct for its members;

(c) monitor the performance of its members;

(d) safeguard the rights, privileges and interests of insolvency professionals who are its members;

(e) suspend or cancel the membership of insolvency professionals who are its members on the grounds set out in its bye-laws;

(f) redress the grievances of consumers against insolvency professionals who are its members; and

(g) publish information about its functions, list of its members, performance of its members and  as may be specified by regulations.

The Insolvency Professional Agency to disseminate disclosure of relationship received from Insolvency Professional on its web site within three working days of receipt of such disclosure, vide circular No. IP/005/2018 dated 16.01.2018. To view the Circular, Click Here

IBC-Enforcement Notification [S.O.3453(E)] dated 15/11/2016

Circular No. IP/005/2018 dated 16.01.2018

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