Regulation 10 - Temporary surrender. - Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016

CHAPTER IV 1 [ISSUE AND SURRENDER OF AUTHORISATION FOR ASSIGNMENT AND DISCIPLINARY PROCEEDINGS ] Temporary surrender 10. 2 [ (1) An insolvency professional agency shall inform the Board when it- (a) issues or renews an authorisation for assignment; (b) suspends or cancels an authorisation for assignment; (c) revokes the suspension of an authorisation for assignment; 3 [ **** ] (d) accepts the surrender of an authorisation for assignment, within one working day of taking such action. ] 4 [ (e) accepts the application for surrender of membership and strikes the name of the professional member from its registers; (f) expels the professional member; or (g) receives intimation of demise of an individual or winding up or dissolution of a company, limited liability partnership or registered partnership firm and strikes the name of the professional member from its registers. ] (2) The Board shall take note of the information received under sub-regulation (1) 5 [ and for cases referred to in clauses (e), (f) and (g) thereof, it may, if deems expedient to do so, proceed in accordance with regulation 10B ] . *********** Notes 1. Substituted vide NOTIFICATION No. IBBI/2019-20/GN/REG045 dated 23-07-2019 before it was read as TEMPORARY SURRENDER AND DISCIPLINARY PROCEEDINGS 2. Substituted vide NOTIFICATION No. IBBI/2019-20/GN/REG045 dated 23-07-2019 before it was read as (1) An insolvency professional agency shall inform the Board if any of its professional members has temporarily surrendered his certificate of membership or revived his certificate of membership after temporary surrender, not later than seven days from approval of the application for temporary surrender or revival, as the case may be. 3. Omitted vide Notification No. IBBI/2023-24/GN/REG104 dated 18-09-2023 before it was read as, or 4. Inserted vide Notification No. IBBI/2023-24/GN/REG104 dated 18-09-2023 5. Inserted vide Notification No. IBBI/2023-24/GN/REG104 dated 18-09-2023