1. Eligibility for Registration as Insolvency Professionals
As per Regulation 5 (b) and 5(c) of Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016:
An individual shall be eligible for registration, if he/she-
- b)has passed the Limited Insolvency Examination, and has fifteen years of experience in management, after he received a Bachelor’s degree from a university established or recognized by law; or
- c) has passed the Limited Insolvency Examination and has ten years of experience as –
- i. a chartered accountant enrolled as a member of the Institute of Chartered Accountants of India or
- ii. a company secretary enrolled as a member of the Institute of Company Secretaries of India or
- 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.
Section 206 further states that no person shall render his services as insolvency professional under this code without being enrolled as a member of an insolvency professional agency and registered with the Insolvency and Bankruptcy Board of India (IBBI).
Accordingly registration as insolvency professionals requires the following:
a. Passing of Limited Insolvency Examination
b. Enrolment as professional member with an Insolvency Professional Agency.
Eligibility for Registration for Limited period of six months(Registration window closed on December 31, 2016)
Company Secretaries, Chartered Accountants, Cost Accountants and advocates practicing for 15 or more years were eligible to be registered as insolvency professionals for a limited period of six months.This Registration window was open till December 31,2016.