On 28-09-2022, the Insolvency and Bankruptcy Board of India has notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Fourth Amendment) Regulations, 2022 which introduces a new Form AA for application for registration as an insolvency professional. The amendment modifies Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.
The amendment inserts a new clause in Regulation 6 dealing with Application for certificate of registration which provides that An insolvency professional entity eligible for registration as an insolvency professional under sub-regulation(2) of regulation 4 may make an application to the Board in Form AA of Second Schedule along with a non-refundable application fee of two lakh rupees.
The amendment also inserts a new clause in Regulation 7 which provides that in case an insolvency professional entity is an insolvency professional, it shall allow only a partner or director, as the case may be, who is an insolvency professional and holds a valid authorisation for assignment to sign and act on behalf of it.