IBBI Issues Circular regarding Payment of Credit fees to Board by IPs and IPEs [Read Circular]

The Insolvency and Bankruptcy Board of India ( IBBI ) has issued a circular regarding the payment of credit fees by the Insolvency professionals (IPs) and Insolvency Professional Entities (IPEs) to the Board.

As per a circular issued n Tuesday, the IBBI has stated that “the Board has recently amended its following regulations, vide which it has effected revision of existing fee structure along with relevant forms, applicable to Insolvency professionals (IPs) and Insolvency Professional Entities (IPEs) and has also introduced regulatory fee as per details in annexure:-i. IBBI (Insolvency Professionals) Regulations, 2016; ii. IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016; and iii. IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.”

“All Insolvency Professional Agencies (IPAs), their professional members and all IPEs are requested to take note of the aforesaid amendments for strict compliance,” the IBBI said.

“The fee referred to in the annexure, for which online payment module is not yet implemented, shall be credited to bank account of the Board, as per details below:- Beneficiary Name : Insolvency and Bankruptcy Board of India Bank: Punjab National Bank A/c No. : 0128002100302250 IFSC : PUNB0112000 Branch : ECE House, Connaught Place, New Delhi-110001 GST Number:07AAAGI0193K1ZD,” the Board added.

IBBI is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies, Insolvency Professionals and Information Utilities in India. 

To Read the full text of the Circular CLICK HERE

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