Major amendments in Insolvency Professional Regulations, 2016 vide Notification No. IBBI/2021-22/GN/REG077 dt. 22.07.2021
Change in experience criteria required for registration an Insolvency Professional
1. Rule-5: Change in experience criteria required for registration an Insolvency Professional. Added new experienced criteria as:
- ten years in the field of law, after receiving a Bachelor’s degree in law
- ten years in management, after receiving a Master’s degree in Management or two year full time Post Graduate Diploma in Management
- fifteen years in management, after receiving a Bachelor’s degree
from a university established or recognised by law or an Institute approved by All India Council of Technical Education.
Number of assignments
As per the Clause 22 of First Schedule, an insolvency professional must refrain from accepting too many assignments, if he is unlikely to be able to devote adequate time to each of his assignments.
Now, a clarification has been added that an insolvency professional may, at any point of time, not have more than ten assignments as resolution professional in corporate insolvency resolution process, of which not more than three shall have admitted claims exceeding one thousand crore rupees each.