Case Law Details
CA Venkata Siva Kumar Vs IBBI (Madras High Court)
Madras High Court upheld the requirement which mandates that the IP should pay a fee calculated at 0.25% of the professional fee earned for services rendered as an IP in the preceding financial year to the IBBI.
The Madras High Court has dismissed a writ petition that challenged and sought the striking down of Regulation 7(2)(ca), which stipulates the requirement that the Insolvency Professionals (IP) should pay a fee calculated at 0.25% of the professional fee earned for services rendered as an IP in the preceding financial year to the Insolvency and bankruptcy board of India (IBBI).
The petitioner, CA. Venkata Siva Kumar is a chartered accountant and has registered himself as an IP with the IBBI.
The regulations stipulated that the fee had to be paid to IBBI before April 30 every year. However, for the financial year 2019-20, an IP had to pay the fee on or before June 30.
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