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TMI BlogInspection or InquiryX X X X Extracts X X X X X X X X Extracts X X X X ..... cie opinion that the recognition ought not be granted, it shall communicate such opinion along with reasons thereof and provide the applicant an opportunity to submit its explanation within fifteen days of the receipt of the communication from the Board, to enable it to form a final opinion. (b) The Board shall, within thirty days of receipt of the explanation, if any, submitted by the applicant under clause (a), - (i) grant a certificate of recognition as an insolvency professional entity; or (ii) reject the application by an order, after recording reasons thereof. (c) The Board shall grant a certificate of recognition as an insolvency professional entity under clause (a) or (b) in Form D of the Second Schedule.] (2) The recognition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Form F of the Second Schedule along with a fee of two thousand rupees; 4[Provided that when an individual joins as its director or partner, as the case may be, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2020 and ending on the 31st December 2020, the insolvency professional entity shall inform the Board, within thirty days of such joining;] 7[Provided further that when an individual joins as its director or partner, as the case may be, on and from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2021 and ending on the 31st December 2021, the insolvency professional enti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19, a compliance certificate in Form H for the financial year 2018-19.] (d) abide by such other conditions as may be specified. (3) An insolvency professional entity shall be jointly and severally liable for all acts or omissions of its partners or directors as insolvency professionals committed during such partnership or directorship. ******* Notes 1. Substituted vide Notification No. IBBI/2018-19/GN/REG036 dated 11-10-2018 before it was read as "(b) inform the Board, within seven days, when an insolvency professional ceases to be its director or partner, as the case may be, (c) inform the Board, within seven days, when an insolvency professional joins as its director or partner, as the case may be, and" 2. Inserted vide ..... X X X X Extracts X X X X X X X X Extracts X X X X
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