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TMI Blog2019 (1) TMI 1044X X X X Extracts X X X X X X X X Extracts X X X X ..... Regulations with effect from 1st October, 2018 for non-compliances of Regulations 12(1)(a), 12(1)(b), 12(1)(c) and 12(1)(g) of the aforesaid Regulations. Consequently, the thirteen IPEs listed in Para 5, 6 and 7 are hereby directed to forthwith: (a) surrender their original certificates of recognition to the Board; and (b) inform the concerned Registrar of Companies about their de-recognition. Notwithstanding the de-recognition, the aforesaid IPEs shall be jointly and severally liable for all acts or omissions, if any, of its partners or directors as insolvency professionals committed during such partnership or directorship, in accordance with sub-regulation (3) of regulation 13 of the Regulations. - F. No. IBBI/IPE/01/2019 - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s; ( c) majority of its shares is held by insolvency professionals, who are its directors, in case it is a company; ( d) majority of capital contribution is made by insolvency professionals, who are its partners, in case it is a limited liability partnership firm or a registered partnership firm; ( e) majority of its partners or directors, as the case may be, are insolvency professionals; ( f) majority of its whole time directors are insolvency professionals, in case it is a company; and ( g) none of its partners or directors is a partner or a director of another insolvency professional entity: 3. The Board, vide circular dated 5th April, 2018, advised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Regulation 12(1) 1 AV Insolvency Professionals Private Limited IBBI/IPE/0011 12(1)(a), 12(1)(b) and 12(1)(g) 2 Apprise Insolvency Professionals LLP IBBI/IPE/0017 12(1)(a), 12(1)(b) and 12(1)(g) 3 Leverage Turnaround Resolution Private Limited IBBI/IPE/0023 12(1)(a), 12(1)(b), 12(1)(c) and 12(1)(g) 4 Ezylaws Insolvency Professionals Private Limited IBBI/IPE/0034 12(1)(a), 12(1)(b), 12(1)(c) and 12(1)(g) 5 Majestic Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the IPE Recognition No. of the IPE Non-Compliance of Regulation 12(1) 1 Bolster Juris IBP Private Limited IBBI/IPE/0048 12(1)(a), 12(1)(b) and 12(1)(g) 2 Chartered Insolvency Resolution Professionals Private Limited IBBI/IPE/0044 12(1)(a), 12(1)(b), 12(1)(c) and 12(1)(g) 7. One IPE, namely, Integro Insolvency Professionals Private Limited (formerly known as Integro Insolvency Professionals Services Private Limited), has confirmed its non-compliance vide e-mail dated 30th November, 2018. Therefore, the Board hereby de-recognises Integro Insolve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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