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TMI BlogInsolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2021X X X X Extracts X X X X X X X X Extracts X X X X ..... fessionals) Regulations, 2016, namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2021. (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 5, in clause (c),- (i) for sub-clause (iii), the following sub-clause shall be substituted, namely: - "(iii) experience of - (a) ten years in the field of law, after receiving a Bachelor's degree in law; (b) ten years in management, after receiving a Master's degree in Management or two-year full ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... res' shall be substituted. (b) for the proviso, the following shall be substituted, namely:- "Provided that the insolvency professional entities recognised before the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2021 shall 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, if any, in case of a registered partnership firm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ortunity 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."; (ii) in sub-regulation (2), in clauses (b) and (c), for the word 'seven', the word 'thirty' shall respectively be substituted. 6. In the principal regulations, in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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