Annual Compliance Certificate for Insolvency Professional Agencies - IBC - IPA/009/2018

Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 Circular No: IPA/009/2018 19 th April, 2018 To All Registered Insolvency Professional Agencies (By mail to registered email addresses and on website of the IBBI) Dear Madam / Sir, Subject: Annual Compliance Certificate for Insolvency Professional Agencies 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 15 th May, 2018. 4. This circular is issued in exercise of the powers conferred under section 196 of the Insolvency and Bankruptcy Code, 2016. Yours faithfully, (Debajyoti Ray Chaudhuri) Chief General Manager Email: [email protected] Annexure A ON THE LETTER HEAD OF THE INSOLVENCY PROFESSIONAL AGENCY ANNUAL COMPLIANCE CERTIFICATE FOR THE YEAR 2017 - 18 I hereby certify that_________________ ( write the name of the IPA here ) , having Registration No . ______________ has complied with the applicable provisions of the Insolvency and Bankruptcy Code, 2016, the IBBI ( Insolvency Professional Agencies ) Regulations, 2016 and the relevant provisions of IBBI ( Model Bye Laws and Governing Board of Insolvency Professional Agencies ) Regulations, 2016 for the year 2017 - 18 , as indicated in Annexure A . 2 . I undertake that _________________ ( write the name of the IPA here ) , having Registration No . ______________ shall comply with the applicable provisions of the Insolvency and Bankruptcy Code, 2016, the IBBI ( Insolvency Professional Agencies ) Regulations, 2016 and the relevant provisions of IBBI ( Model Bye Laws and Governing Board of Insolvency Professional Agencies ) Regulations, 2016, wherever it has not complied with fully, as indicated in Annexure A, by the dates indicated therein . 3 . I verify that this certificate was placed before the Board of Directors of_________________ ( write the name of the IPA here ) , having Registration No . ______________ , in its meeting on .. 4 . I verify that the above certification is true and correct to the best of my knowledge and belief . ( _________________ ) Managing Director / Chief Executive Officer Date : Place :