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TMI BlogRecognition of Insolvency Professional Entities.X X X X Extracts X X X X X X X X Extracts X X X X ..... partnership may be recognised as an insolvency professional entity, if - 8[(a) its objective is to provide support services to insolvency professionals or to carry on the activities of an insolvency professional or both.] (b) it has a net worth of not less than one crore rupees; 9[(c) majority of its equity shares and voting rights are held by insolvency professionals, who are its directors, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... December 2021. Explanation.- For the purposes of clause (b) of this sub-regulation, 'net worth' means- (i) the net worth as defined under section 2(57) of the Companies Act, 2013 in case of a company; (ii) sum of partners' contribution in the capital account and their undistributed profits net of accumulated losses, if any, in case of a registered partnership firm or limited liability partn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... * Notes:- 1. Substituted vide Notification IBBI/2017-18/GN/REG027 - Dated 27-03-2018, before it was read as, "(1) A limited liability partnership, a registered partnership firm or a company may be recognised as an insolvency professional entity if- (a) a majority of the partners of the limited liability partnership or registered partnership firm are registered as insolvency professionals; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shares" 5. Substituted vide Notification No. IBBI/2021-22/GN/REG077 dated 22-07-2021 before it was read as "Provided that the insolvency professional entities recognised as on the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018 shall comply with the provisions of clauses (a), (b) (c) and (d) on or before 30th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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