How do I get a certificate of insolvency?

How do I get a certificate of insolvency?

A creditor can file an insolvency petition under the following conditions:

  1. The total amount of debt due to the creditor is more than Rs. 500.
  2. The debt is already due or at a future date.
  3. Insolvency petition has been filed within three months of the commission of the act of insolvency.

How can I become an insolvency professional in India?

A eligible person can become an Insolvency Professional by passing the Limited Insolvency Examination having 10 years experience as:

  1. A Chartered Accountant enrolled as a member of the Institute of Chartered Accountants of India.
  2. A Company Secretary enrolled as a member of the Institute of Company Secretaries of India.

Who can become an insolvency professional?

An individual is eligible to become an Insolvency Professional provided, he/she : Is an Indian resident and has attained 18 years of age (Majority). Is of sound mind and a fit person. Is solvent and has not been declared as an insolvent.

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What is the fee for obtaining certificate of registration as an insolvency professional?

Ans. Application fee is one time. However, an insolvency professional registered with the Board should, on every five years (from the year in which the certificate is granted) pay a fee of Rs. 10000/- plus applicable taxes to the Board for continuation of registration by the Board.

Who appoints insolvency practitioner?

In voluntary liquidations, an insolvency practitioner is appointed by a company’s directors or creditors to act on their behalf. However, if a company has been petitioned by a creditor and wound up by the court, it is the official receiver who must assume this role.

What is the difference between RP and IRP?

An interim resolution professional (IRP) cannot seek natural progression to a resolution professional (RP) in an insolvency matter; the prerogative to continue with the IRP as RP or to replace the IRP with another RP lies with the committee of creditors (CoC), the National Company Law Tribunal (NCLT) has observed.

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Under which form is the certificate of registration as an insolvency professional granted?

Form B
(1) 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 …

How can I join ibbi?

Advocate) having 10 years of experience, or graduates having 15 years of managerial experience: Stage 1: Pass the limited insolvency examination Stage-2: Enrol as a professional member with an insolvency professional agency (IPA), within a period of 12 months of clearing the Limited Insolvency Examination Stage-3: …

Can a government employee apply for insolvency petition?

Being an operational creditor, the employee can file an insolvency petition under section 9 of IBC. Employees are classified to be the operational creditors under IBC.