The Insolvency and Bankruptcy Code, 2016
IBBI (Insolvency Professionals) Regulations, 2016
Chapter V – Recognition of Insolvency Professional Entities.
Regulation 15: Interest.
1[15. 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 paid to the Board after the last date of payment of fee under these regulations.]
References
1. Inserted IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2018 vide Notification No. IBBI/2018-19/GN/REG036, dated 11th October, 2018, w.e.f. 11.10.2018.
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