The Insolvency Bankruptcy Board of India (IBBI) vide notification no. IBBI/2023-24/GN/REG103 on 20th July notified the amendment of the qualification to register as an Insolvency Professional (IP). The board was mandated to complete the ‘Post Graduate Insolvency Programme’ instead of the ‘Graduate Insolvency Programme’.
The candidate has to complete the Post Graduate Insolvency Programme to register as Insolvency Professional from 20th July 2023.
The IBBI, in accordance with the authority granted by Sections 196, 207, and 208, along with section 240 of the Insolvency and Bankruptcy Code, 2016, introduced to amend certain regulations in the existing Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.
The regulation shall be called the “Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2023.” And it came into force on 20th July 2023.
The IBBI has made changes to Regulation 5 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations. This regulation pertains to the qualification and experience requirements. As per the other provisions of these regulations, an individual can be considered eligible for registration if they meet the conditions specified under Regulation 5.
According to the notification “ In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (hereinafter referred to as the “principal regulations‟), in regulation 5, in clause (c), in sub-clause (ii), before the words “Graduate Insolvency Programme”, the word “Post” shall be inserted.”
Also, “in the principal regulations, in the Second Schedule, in Form A, in caption B. QUALIFICATIONS: EDUCATIONAL, PROFESSIONAL, INSOLVENCY EXAMINATION AND PRE-REGISTRATION EDUCATIONAL COURSE, in table (iii) Insolvency Examination, in Sl. No. 2 row, before the words “Graduate Insolvency Programme”, the word “Post” shall be inserted.”
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