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TMI BlogInsolvency and Bankruptcy Board of India (Insolvency Professionals) (Third Amendment) Regulations, 2022X X X X Extracts X X X X X X X X Extracts X X X X ..... rofessionals) Regulations, 2016, namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Third Amendment) Regulations, 2022. (2) They shall come into force with effect from 1st October, 2022. 2. In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (hereinafter referred to as 'the principal regulations'), in regulation 6, in sub-regulation (1), for the words "ten", the words "twenty" shall be substituted. 3. In the principal regulations, in regulation 7, in sub-regulation (2), (a) for clause (c), the following shall be substituted, namely:- "(c) pay to the Board, a fee of twenty thousand rupees, in case the insolvency profession ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, along with a statement in Form EA of the Second Schedule. Explanation: "quarter" means the period of three months commencing on the first day of January. April, July or October of a financial year." 4. In the principal regulations, in regulation 12, in sub-regulation (2), for the words "fifty thousand", the words "two lakh" shall be substituted. 5. In the principal regulations, in regulation 13, in sub-regulation (2), in clause (ca), (i) for the decimal, number and word "0.25 percent", the words "one per cent." shall be substituted. (ii) after second proviso, the following proviso shall be inserted, namely:- "Provided further that in case the insolvency professional entity is registered as an insolvency professional, the servi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. (iii) I, [Insert Name], am duly authorised to submit this form on behalf of the insolvency professional entity [Insert name of the insolvency professional entity]. Yours faithfully, Place: Date: (Name of IP / Authorised Signatory of IPE registered as IP) (IP Registration Number) " (b) for the Form G, the following form shall be substituted, namely:- "Form G [Under Regulation 7(2)(ca) and 13(2)(ca) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016] To The General Manager (IPE Divisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rendered Amount towards services rendered in the year (In Rs.) 1 2 3 … Total 3. The following amounts are payable to the Board: SI. No. Under regulation Amount Payable (Rs.) 1 Regulation 7(2)(ca) 2 Regulation 13(2)(ca) 3 Regulation 15, being interest from … to ….. Total 4. A sum of Rs.…, as worked out in Para 3 above, has been deposited into the account of the Board, vide….... 5. 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. (iii) I, [Insert Name], am duly authorised to submit this form on behalf ..... X X X X Extracts X X X X X X X X Extracts X X X X
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