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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 ..... istered partnership firm or a limited liability 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall comply with the provisions of clauses (b) and (c) on or before 31st 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ifications, as may be necessary for the purpose of considering the application. ] ******************** 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 ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case may be; 4. Substituted vide Notification No. IBBI/2021-22/GN/REG077 dated 22-07-2021 before it was read as its 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 Professi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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