The insolvency professional agencies (IPAs) are front line regulators for the IPs under the Code. The Insolvency and Bankruptcy Board of India (IBBI) commenced registration of IPAs from 28th November, 2016 in accordance with the regulations. It has registered at the end of the quarter the following three IPAs:

Sl. Name of IPA Promoted by Date of Registration
1. Indian Institute of Insolvency Professionals of ICAI The Institute of Chartered Accountants of India 28th November, 2016
2. ICSI Insolvency Professionals Agency The Institute of Company Secretaries of India 28th November, 2016
3. Insolvency Professional Agency of Institute of Cost Accountants of India The Institute of Cost Accountants of India 30th November, 2016

The three IPAs started enrolling professional members since 29th November, 2016 for their registration as Insolvency Professionals for a limited period of six months as per Regulation 9 of the IBBI (Insolvency Professionals) Regulations, 2016. The IBBI has granted registration to 977 Insolvency Professionals in this category. The region-wise and IPA wise break-up of Insolvency Professionals registered with the IBBI is as under:

City / Region Indian Institute of Insolvency Professionals of ICAI ICSI Insolvency Professionals Agency Insolvency Professional Agency of Institute of Cost  Accountants of India Total
Delhi 224 77 18 319
Rest of the Northern Region 109 36 2 144
Mumbai 100 29 4 133
Rest of the Western Region 75 26 9 110
Chennai 41 5 1 47
Rest of the Southern Region 53 23 2 78
Kolkata 81 18 6 105
Rest of the Eastern Region 30 7 1 38
All India 713 221 43 977
Source- http://www.ibbi.gov.in/IBBI_Newsletter_Web.pdf

More Under Corporate Law

Posted Under

Category : Corporate Law (3257)
Type : Articles (13662)
Tags : bankruptcy code (90) IBBI (39)

Leave a Reply

Your email address will not be published. Required fields are marked *