April 28, 2021
Summary of the notification issued by IBBI on 27/04/2021
Extension of fee payment deadline by the Insolvency Professional and timelines for intimation for appointment/cessation of director/partner in Insolvency Professional Entity(IPE)
Through this notification, IBBI has extended the timeline for the Insolvency Professional to pay the prescribed fee to the Board on the Professional Fee earned and/or the turnover to 30/06/2021 from 30/04/2021. Further, relaxation has been granted to the Insolvency Professional Entity, which shall intimate within 30 days (as against 7 days) to the Board regarding appointment and/or cessation its director or partner during the period 27/04/2021- 31/12/2021.
Extension of deadlines with respect to certain provisions in the Schedule under Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016
IBBI, vide this notification, has extended the deadline to 30 days (as against 15 days) in case of deemed approval of issuance/renewal of an assignment and filing of an appeal to membership committee by the aggrieved applicant under Clauses 12A(5) and 12A(7) of the Schedule, respectively, under the said regulation.
It is to be noted that this extension will be effective on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2021 to 31st October, 2021.
These notifications are available on our free to use website www.ca2013.com for your quick reference.
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