The ICSI Insolvency Professionals Agency is a section 8 Company incorporated under the Companies Act, 2013 and formed by the Institute of Company Secretaries of India as its 100% subsidiary. The company is registered as Insolvency Professional Agency with Insolvency and Bankruptcy Board of India to enrol and regulate the members practising as Insolvency Professionals (IPs) in accordance with the provisions of Insolvency and Bankruptcy Code, 2016 read with rules and regulations made thereunder.
Eminent practising professionals are enrolled with ICSI IPA.
Model Bye- Laws of ICSI Insolvency Professionals Agency .
Board of Directors of ICSI IPA
The Company has established a ‘Governing Board’ as its Board of Directors. The Governing Board shall oversee the activities and the functioning of the Company. The Governing Board of ICSI IPA consists of a total of seven directors out of which four are Independent Directors (IDs).The composition of the Board is as follows:
1. Mr. Nalin Kohli – Independent Director & Chairman of the Governing Board (Advocate, Supreme Court of India)
2. Mr. Ashish Kumar Chauhan – Managing Director and CEO, BSE Limited
3. Mrs. Sushma Berlia – President, Apeejay Stya & Svran Group and Chairperson, Apeejay Education Society
4. Mr. Sidharth Birla – Past President-FICCI and Chairman, Xpro India Limited
Other Directors (First Directors)
6. CS Shyam Agrawal - President, ICSI
5. CS Mamta Binani - The Immediate Past President, ICSI
7. CS Vineet K Chaudhary - Chairman, Corporate Laws and Governance Committee, ICSI
Key Officials of ICSI IPA
- CS Alka Kapoor - Chief Executive Officer-Designate
- CS Lakshmi Arun - Head Education and Training-Designate
Committees of ICSI IPA
ICSI IPA is in the process of constituting the following Committees as required under the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016:
- Advisory Committee of professional members
- Membership Committee
- Monitoring Committee
- Grievance Cell
- Disciplinary Committee
An Appellate Panel is also being constituted.
Role of Insolvency Professional Agency
Section 204 of the Code provides for the “Functions of Insolvency Professional Agency” which are stated below:
An insolvency professional agency shall perform the following functions, namely:—
- grant membership to persons who fulfil all requirements set out in its byelaws on payment of membership fee;
- lay down standards of professional conduct for its members;
- monitor the performance of its members;
- safeguard the rights, privileges and interests of insolvency professionals who are its members;
- suspend or cancel the membership of insolvency professionals who are its members on the grounds set out in its bye-laws;
- redress the grievances of consumers against insolvency professionals who are its members; and
- publish information about its functions, list of its members, performance of its members and such other information as may be specified by regulations.