Section 204: Functions of insolvency professional agencies

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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.


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Notifications & Circulars

*This shall come into force w.e.f. from 15.11.2016.

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