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[IBBI] Annual Compliance Certificate For Insolvency Professional Agencies

Insolvency and Bankruptcy Board of India (IBBI) Circular No: IPA/009/2018 dated 19th April, 2018 to All Registered Insolvency Professional Agencies regarding 'Annual Compliance Certificate for Insolvency Professional Agencies', reads as follows:—

“1. The Insolvency and Bankruptcy Code, 2016 (Code), the IBBI (Insolvency Professional Agencies) Regulations, 2016, the IBBI (Model Bye Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 and Guidelines, Circulars, and Directions issued thereunder cast several duties, responsibilities and obligations on the registered Insolvency Professional Agencies (IPAs). Section 196(1)(g) of the Code mandates the Insolvency and Bankruptcy Board of India (IBBI) to monitor performance of IPAs.

2. Keeping in view the institutional role of the IPAs, and to facilitate monitoring of both their performance and compliance of statutory requirements, and in the interest of transparency and accountability, the IBBI, in consultation with IPAs, has devised the format of ANNUAL COMPLIANCE CERTIFICATE (Annexure A) to be submitted by the IPAs to the IBBI and to be displayed on its website within 45 days of the closure of the financial year.

3. The IPAs are requested to submit the ANNUAL COMPLIANCE CERTIFICATE for the year 2017-18 to the IBBI and display the same on their respective websites by 15th May, 2018.

4. This circular is issued in exercise of the powers conferred under section 196 of the Insolvency and Bankruptcy Code, 2016.”



Note: Annexure A is available in the copy of the above circular, which can be downloaded from IBBI site.

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