Regulation 7 - Surrender of registration. - Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016

CHAPTER III SURRENDER OR CANCELLATION OF REGISTRATION Surrender of registration. 7 . (1) An insolvency professional agency may submit an application for surrender of a certificate of registration to the Board, providing - (a) the reasons for such surrender; (b) the details of all the pending or on-going engagements under the Code of the insolvency professionals enrolled with it; (c) details of its pending or on-going activities; and (d) the manner in which it seeks to wind-up its affairs as an insolvency professional agency. (2) The Board shall within seven days of receipt of the application, publish a notice of receipt of such application on its website and invite objections to the surrender of registration, to be submitted within fourteen days of the publication of the notice. (3) After considering the application and the objections submitted under sub-regulation (2), if any, the Board may within thirty days from the last date of submission of objections, approve the application for surrender of registration subject to such conditions as it deems fit. (4) The approval under sub-regulation (3) may require the insolvency professional agency to- (a) discharge any pending obligations; or (b) continue its functions till such time as may be specified, to enable the enrolment of its members with another insolvency professional agency. (5) The Board, after being satisfied that the requirements of sub-regulation (4) have been complied with, shall publish a notice on its website stating that the surrender of registration by the insolvency professional agency has taken effect.