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TMI BlogInsolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 , namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2018. (2) They shall come into force on the date of publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (hereinafter referred to as the principal regulations), in regulation 7, in sub-regulation (2), for clause (c), the following clauses shall be substituted, namely: - (c) pay to the Board, a fee of ten thousand rupees, every five years after the year in which the certificate is granted and such fee s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dule along with a fee of two thousand rupees; (ca) pay to the Board, a fee calculated at the rate of 0.25 percent of the turnover from the services rendered by it in the preceding financial year, on or before the 30th of April every year, along with a statement in Form G of the Second Schedule; and . 5. In the principal regulations , after regulation 14, the following regulation shall be inserted, namely: - 15. Interest .- Without prejudice to any other action which the Board may take as deemed fit under the Code or any regulations made thereunder, any delay in payment of fee by an insolvency professional or an insolvency professional entity, a simple interest at the rate of 12% per annum on the amount of fee unpaid shall be pai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7(2)(ca) 2 Regulation 15, being interest from to .. Total 3. A sum of Rs. , as worked out in Para 2 above, has been deposited into the account of the Board, vide .. .. 4. I, [insert name], hereby affirm that i. all information contained in this statement is true and correct in all material respects and ii. no material information relevant for the purpose of this statement has been suppressed. Yours faithfully, ----------------- (Name) (Registration Number) Place: Date: ------------- FORM F [Under Regulation 13 (2) (b) and 13 (2) (c) of the Insolvency a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Details of director / partner who joined the IPE Description Particulars Details of director / partner a. Name b. Registration No. as IP (If applicable) c. Date of Registration (If applicable) d. E-mail Address Registered with the Board as IP (If applicable) Details of Joining a. Date of Joining as director / partner b. Whether Joined as Whole Time Director? c. Date of Filing of Joining with the Concerned Authority 4. Composition of the Board / Partnership of the IPE before and after cessation/joining of the Director / Partner Sl. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. I am submitting the above information within seven days of the cessation or joining, as the case may be. 6. A sum of Rs. , as required under the regulation 13(2)(b), 13(2)(c) and 15, has been deposited into the account of the Board, vide .. .. 7. I certify that the above information is true and correct. Yours faithfully, (Authorised Signatory) (Name) (De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt Payable (Rs.) 1 Regulation 13 (2) (ca) 2 Regulation 15, being interest from to .. Total 3. A sum of Rs. , as worked out in Para 2 above, has been deposited into the account of the Board, vide .. .. 4. I, on behalf of [insert name of entity], hereby affirm that i. all information contained in this statement is true and correct in all material respects and ii. no material information relevant for the purpose of this statement has been suppressed. Yours faithfully, (Authorised Signatory) (Name) (Designation) (IPE Name) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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