Section 204 of IBC – Insolvency and Bankruptcy Code, 2016 : Functions of insolvency professional agencies

The Insolvency and Bankruptcy Code, 2016

Part-IV Regulation of Insolvency Professionals, Agencies and Information Utilities

Chapter-III Insolvency Professional Agencies

Section 204: Functions of insolvency professional agencies.

*204. An insolvency professional agency shall perform the following functions, namely:—

(a) grant membership to persons who fulfil all requirements set out in its byelaws on payment of membership fee;

(b) lay down standards of professional conduct for its members;

(c) monitor the performance of its members;

(d) safeguard the rights, privileges and interests of insolvency professionals who are its members;

(e) suspend or cancel the membership of insolvency professionals who are its members on the grounds set out in its bye-laws;

(f) redress the grievances of consumers against insolvency professionals who are its members; and

(g) publish information about its functions, list of its members, performance of its members and such other information as may be specified by regulations.


Reference

*Effective from 15.11.2016.


Access complete Bare Act here and Notification and Circular here.

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