Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016

S.Chapter I

S.Regulation 1 Short title and commencement

These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.

These regulations shall come into force on 29th November, 2016.

S.Regulation 2 Definitions

In these regulations, unless the context otherwise requires--

• 1"assignment" means any assignment of an insolvency professional as interim resolution professional, resolution professional, liquidator, bankruptcy trustee, authorised representative or in any other role under the Code;
• "authorisation for assignment" means an authorisation to undertake an assignment, issued by an insolvency professional agency to an insolvency professional, who is its professional member, in accordance with its bye-laws;
• "Bar Council" means a Bar Council constituted under the Advocates Act, 1961 (25 of 1961);
• "certificate of registration" means a certificate of registration granted by the Board under Section 207 of the Code read with these regulations;
• "Code" means the Insolvency and Bankruptcy Code, 2016 (31 of 2016);
• "Institute of Chartered Accountants of India" means the Institute constituted under the Chartered Accountants Act, 194
  

S.Rule 3

The Board shall, either on its own or through a designated agency, conduct a 'National Insolvency Examination' in such a manner and at such frequency, as may be specified, to test the knowledge and practical skills of individuals in the areas of insolvency, bankruptcy and allied subjects.

The Board shall, either on its own or through a designated agency, conduct a 'Limited Insolvency Examination' to test the knowledge and application of knowledge of individuals in the areas of insolvency, bankruptcy and allied subjects.

1The syllabus, format, qualifying marks and frequency of the Limited Insolvency Examination shall be published on the website of the board at least three months before the examination.

1. Substituted by Noti. No. IBBI/2017-18/GN/REG027, dt. 27/03/2018 (w.e.f. 01/04/2018).

S.Rule 4 Eligibility

1No individual shall be eligible to be registered as an insolvency professional if he--

• is a minor;
• is not a person resident in India;
• does not have the qualification and experience specified in Regulation 5 or Regulation 9, as the case may be;
• has been convicted by any competent court for an offence punishable with imprisonment for a term exceeding six months or for an offence involving moral turpitude, and a period of five years has not elapsed from the date of expiry of the sentence:

  Provided that if a person has been convicted of any offence and sentenced in respect thereof to imprisonment for a period of seven years or more, he shall not be eligible to be registered;

• he is an undischarged insolvent, or has applied to be adjudicated as an insolvent;
• he has been declared to be of unsound mind; or
• he is not a fit and proper person;

  Explanation.-- For determining whethe
  

  S.Rule 5 Qualifications and experience

  Subject to the other provisions of these regulations, an individual shall be eligible for registration, if he--

  • has passed the Limited Insolvency Examination within 2twenty-four months before the date of his application for enrolment with the insolvency professional agency;
  • has completed a pre-registration educational course 3within twelve months from the date of payment of non-refundable application fee under Regulation 6, as may be required by the board, from an insolvency professional agency after his enrolment as a professional member; and
  • has--
    • successfully completed the National Insolvency Programme, as may be approved by the board;
    • successfully completed the 4Post Graduate Insolvency Programme, as may approved by the board;
    • 5experience of--
      • ten years in the field of law, after receiving a Bachelor's degree in law;
      • ten years in ma
        

  S.Rule 6 Application for certificate of registration

  1An individual enrolled with an insolvency professional agency as a professional member may make an application to the Board through the insolvency professional agency of which he is a member, in Part-II of Form A of the Second Schedule to these Regulations, along with a nonrefundable application fee of twenty thousand rupees to the Board.

  2An insolvency professional entity eligible for registration as an insolvency professional under sub-regulation (2) of Regulation 4 may make an application to the Board through the insolvency professional agency of which it is a member, in Part-II of Form AA of Second Schedule to these Regulations, along with a non-refundable application fee of two lakh rupees to the Board.

  The 3insolvency professional agency shall acknowledge an application made under this Regulation within seven days of its receipt.

  4The insolvency professional agency shall verify and forward the application to th
  

  S.Rule 7 Certificate of registration

  If the Board is satisfied, after such inspection or inquiry as it deems necessary that the applicant is eligible under these regulations, it may grant a certificate of registration to the applicant to carry on the activities of an insolvency professional in Form B of the Second Schedule to these regulations, within 1thirty days of receipt of the application, excluding the time given by the Board for presenting additional documents, information or clarification, or appearing in person, as the case may be.

  The registration shall be subject to the conditions that the insolvency professional shall --

  • at all times abide by the Code, rules, regulations, and guidelines thereunder and the bye-laws of the insolvency professional agency with which he is enrolled;
  • at all times continue to satisfy the requirements under Regulation 4;
  • 2undergo continuing professional education, as may be required by the board;
  • 3not
    

  S.Rule 7A Authorisation for assignment

  An insolvency professional shall not accept or undertake an assignment after 31st December, 2019 unless 2it holds a valid authorisation for assignment on the date of such acceptance or commencement of such assignment, as the case may be:

  Provided that provisions of this regulation shall not apply to an assignment which an insolvency professional is undertaking as on --

  • 31st December, 2019; or
  • the date of expiry of his authorisation for assignment.

  1. Inserted by Noti. No. IBBI/2019-20/GN/REG045, dt. 23/07/2019 (w.e.f. 23/07/2019).

  2. Substituted for "he" by Noti. No. IBBI/2022-23/GN/REG099, dt. 28/09/2022 (w.e.f. 28/09/2022).

  
  

  S.Rule 7B Number of Assignments

  An insolvency professional who is not an insolvency professional entity, shall not at any point of time, have more than ten assignments in aggregate as interim resolution professional and resolution professional in a corporate insolvency resolution process and as a liquidator in a liquidation process, of which not more than three assignments shall have admitted claims exceeding one thousand crore rupees each:

  Provided that an insolvency professional who is not an insolvency professional entity, already holding more such assignments than the limit specified in this regulation on the date of commencement of Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2025, shall not accept any such new assignment until the number of his ongoing assignments falls below the limit specified in this regulation.

  1. Inserted by Noti. No. F. No. IBBI/2025-26/GN/REG132, dt. 20/11/2025 (w.e.f. 21/11/2025).

  
  

  S.Rule 8 Refusal to grant certificate

  If, after considering an application made under Regulation 6, the Board is of the prima facie opinion that the registration ought not be granted, it shall communicate the reasons for forming such an opinion and give the applicant an opportunity to explain why 1its application should be accepted, within fifteen days of the receipt of the communication from the Board, to enable it to form a final opinion.

  The communication under sub-regulation (1) shall be made to the applicant within 2thirty days of receipt of the application, excluding the time given by the Board for presenting additional documents, information or clarifications, or appearing in person, as the case may be.

  After considering the explanation, if any, given by the applicant under sub-regulation (1), the Board shall communicate its decision to--

  • accept the application, along with the certificate of registration, or
  • reject the application by an order, giving reas
    

  S.Rule 9 x x x x

  [Omitted]

  1. Omitted by Noti. No. IBBI/2021-22/GN/REG077, dt. 22/07/2021 (w.e.f. 22/07/2021). Prior to omission it read as: "9. Registration for a limited period.--(1) Notwithstanding any of the provisions of Regulation 5, an individual shall be eligible to be registered for a limited period as an insolvency professional if he-- (a) has been 'in practice' for fifteen years as-- (i) a chartered accountant enrolled as a member of the Institute of Chartered Accountants of India, (ii) a company secretary enrolled as a member of the Institute of Company Secretaries of India, (iii) a cost accountant enrolled as a member of the Institute of Cost Accountants of India, or (iv) an advocate enrolled with a Bar Council; and (b) submits an application for registration in Form A of the Second Schedule to these regulations to the insolvency professional agency with which he is enrolled on or before 31st December, 2016 along with a non-refundable application fee of five thousand rupees
  

  S.Rule 10 Temporary surrender

  2An insolvency professional agency shall inform the Board when it--

  • issues or renews an authorisation for assignment;
  • suspends or cancels an authorisation for assignment;
  • revokes the suspension of an authorisation for assignment; 3x x x x
  • accepts the surrender of an authorisation for assignment,
  • 4accepts the application for surrender of membership and strikes the name of the professional member from its registers;
  • 4expels the professional member; or
  • 4receives intimation of demise of an individual or winding up or dissolution of a company, limited liability partnership or registered partnership firm and strikes the name of the professional member from its registers.

  within one working day of taking such action.

  The Board shall take note of the information received under sub-regulation (1) and for cases referred to in clauses (e), (f) and (g)
  

  S.Rule 10A Surrender of certificate of registration

  An insolvency professional may surrender its certificate of registration by making a request to the Board, in writing along with the certificate of registration in original.

  If the Board is satisfied, it may accept the request for surrender of certificate of registration within thirty days of its receipt and upon acceptance, the registration of such insolvency professional shall stand cancelled.

  On and from the date of cancellation of certificate of registration, the concerned person shall not represent itself to be a holder of the certificate for carrying out the activity for which such certificate had been granted.

  1. Inserted by Noti. No. IBBI/2023-24/GN/REG104, dt. 18/09/2023 (w.e.f. 18/09/2023).

  
  

  S.Rule 10B Special procedure for action on surrender, expulsion, etc.

  While disposing of the matter under this regulation, the Board shall not be bound by the procedure specified in Regulation 11.

  On receipt of information under clause (e) and (f) of sub-regulation (1) of Regulation 10, the Board may issue a notice, if required, to such professional member, calling upon it to explain as to why the certificate of registration, granted under the regulations, should not be cancelled.

  The professional member may make written submission(s), if any, within a period not exceeding twenty-one days from the date of service of notice.

  On being satisfied with the submission(s) made under sub-regulation (3), the Board may decide to cancel the registration or issue directions to complete the ongoing assignments, make pending compliances including payment of fee, etc.

  The Board shall communicate its decision under sub-regulation (4) within thirty days from date of receipt of written submissions under sub-regulation (3).

  On receipt
  

  S.Rule 11 Disciplinary proceedings

  The disciplinary proceedings shall be conducted in accordance with the provisions of Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017.

  1. Substituted by Noti. No. IBBI/2022-23/GN/REG088, dt. 04/07/2022 (w.e.f. 04/07/2022). Prior to substitution it read as: "11. Disciplinary proceedings.--(1) Based on the findings of an inspection or investigation, or on material otherwise available on record, if the Board is of the prima facie opinion that sufficient cause exists to take actions permissible under Section 220, it shall issue a show-cause notice to the insolvency professional. (2) The show-cause notice shall be in writing, and shall state-- (a) the provisions of the Code under which it has been issued; (b) the details of the alleged facts; (c) the details of the evidence in support of the alleged facts; (d) the provisions of the Code, rules, regulations and guidelines thereunder allegedly violated, or the manner in which the public
  

  S.Rule 12 Recognition of Insolvency Professional Entities

  1A company, a registered partnership firm or a limited liability partnership may be recognised as an insolvency professional entity, if--

  • 2its objective is to provide support services to insolvency professionals or to carry on the activities of an insolvency professional or both;
  • it has a net worth of not less than one crore rupees;
  • 3majority of its equity shares and voting rights are held by insolvency professionals, who are its directors, in case it is a company;
  • majority of capital contribution is made by insolvency professionals, who are its partners, in case it is a limited liability partnership firm or a registered partnership firm;
  • majority of its partners or directors, as the case may be, are insolvency professionals;
  • majority of its whole time directors are insolvency professionals, in case it is a company; and
  • none of its partners or directors is a partner or a director of
    

  S.Rule 13

  1Where the Board, after consideration of the application under sub-regulation (4) of Regulation 12,--

  • is satisfied that the applicant is eligible under these Regulations, it may grant a certificate of recognition as an insolvency professional entity within sixty days of receipt of the application, excluding the time taken by the applicant for submitting additional documents, information or clarification, or appearing in person, as the case may be, under sub-regulation (4) of Regulation 12;
  • is of the prima facie opinion that the recognition ought not be granted, it shall communicate such opinion along with reasons thereof and provide the applicant an opportunity to submit its explanation within fifteen days of the receipt of the communication from the Board, to enable it to form a final opinion.

  The Board shall, within thirty days of receipt of the explanation, if any, submitted by the applicant under clause (a),--

  • grant a
    

  S.Rule 14

  Where the Board is of the opinion that sufficient cause exists for derecognition of an insolvency professional entity, it may do so by passing a reasoned order.

  
  

  S.Rule 15 Interest

  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.

  1. Inserted by No. IBBI/2018-19/GN/REG036, dt. 11/10/2018 (w.e.f. 11/10/2018).