The Insolvency and Bankruptcy Board of India (IBBI) has today notified the amendment to the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 where certain new provisions including the eligibility criteria for enrollment as Insolvency Professional was notified along with other rules.
As per the newly amended rules, a person having experience of – (a) ten years in the field of law, after receiving a Bachelor’s degree in law; (b) ten years in management, after receiving a Master’s degree in Management or two-year full-time Post-Graduate Diploma in Management; or (c) fifteen years in management, after receiving a Bachelor’s degree, from a university established or recognized by law or an Institute approved by All India Council of Technical Education, can be enrolled as an Insolvency Professional.
The Board further amended the rules for the process of an application for recognition as an insolvency professional entity.
As per rule 22 of the Regulations, an insolvency professional must refrain from accepting too many assignments, if he is unlikely to be able to devote adequate time to each of his assignments. The notification inserted a clarification to this provision stating that “An insolvency professional may, at any point of time, not have more than ten assignments as the resolution professional in the corporate insolvency resolution process, of which not more than three shall have admitted claims exceeding one thousand crore rupees each.”
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