Revised Annual Compliance Certificate for Insolvency Professional Agencies

IBBI prescribes revised format of Annual Compliance Certificate for Insolvency Professional Agencies
1Notification Date02/11/2022
2SubjectAnnual Compliance Certificate for Insolvency Professional Agencies
3Brief descriptionIn furtherance to Circular issued by IBBI dated 31/10/2022 and in consequence of amendments in Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, and in suppression of the Circular No: IPA/009/2018 dated 19th April, 2018, the revised format of Annual Compliance Certificate for IPAs has been issued by the Board which has to be submitted within 45 days of the end of the financial year by all the registered IPAs.
4Additional information

1. In terms of Regulation 7 of the Insolvency and Bankruptcy Board of India (Model Bye Laws  and  Governing  Board  of  Insolvency  Professional  Agencies)  Regulations,  2016 , an  Insolvency Professional Agencies (IPA) shall designate or appoint a compliance officer.

2.  The compliance officer is mandated to submit a compliance certificate to the Board annually, verifying that the IPA has complied  with the provisions of the Code and regulations, circulars.

3. In this regard, the format of annual compliance certificate specifying the list of the compliances was issued by the Board vide Circular No: IPA/009/2018 dated 19th April, 2018.

4. Now in consequence of amendments in regulations and in suppression of the above Circular, the revised  format  of  Annual  Compliance Certificate for IPAs is being issued by the Board as per Annexure. All the registered IPAs have to submit the annual compliance certificate to the Board in the said format within 45 days of the end of the financial year.

Complete circular attached here

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