The Indian Institute of Insolvency professionals of ICAI ‘IIIPI’, a wholly owned subsidiary of the Institute of Chartered Accountants of India ‘ICAI’, is a section 8 Company promoted by ICAI to enrol and regulate insolvency professionals as its members in accordance with the Insolvency and Bankruptcy code 2016 and read with regulations.
The parent body of IIIPI i.e. ICAI is a Statutory body established under the Chartered Accountants Act, 1949 for regulation of the profession of Chartered Accountants in India. ICAI is the second largest accounting body in the world with a strong tradition of service to the public interest and to the Indian economy.
IIIPI has been awarded with the registration certificate as the First Insolvency Professional Agency of India by Hon’ble Union Finance Minister Shri Arun Jaitley on 28th November 2016 at Delhi. IIIPI is the largest IPA with nearly two-third of members in India, has attracted members from a diverse stream including Chartered Accountant, Company Secretary, Cost Accountant, Advocates and Management Professionals.
IIIPI is one of the key pillars in the insolvency and bankruptcy regime. It is a front-line regulator required to discharge multiple statutory responsibilities. It is responsible for the development and regulation of insolvency profession and professionals, besides building knowledge and capacity of stakeholders. In a parlance, it is a mini-State, last in the hierarchy of parliamentary delegation of authority with regulatory, executive and quasi-judicial responsibilities.
Functions OF IIIPI
In terms of section 204 of the code insolvency professional Agency of ICAI (IIIPI) has the following functions
(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
For the furtherance of the above, the objectives of IIIPI have been defined as follow in Regulation 5 of the Model Bye-laws of the Insolvency Professional Agency (schedule to Notification No. IBBI/2016-17/GN/REG001, dated 21-11-2016):
- (1) The Agency shall carry on the functions of the insolvency professional agency under the Code, and functions incidental thereto.
(2) The Agency shall not carry on any function other than those specified in sub-clause (1), or which is inconsistent with the discharge of its functions as an insolvency professional agency
Apart from the above, the duties of the Agency have been set out in Regulation 6 (schedule to Notification No. IBBI/2016-17/GN/REG001, dated 21-11-2016) as follows:-
- (1) The Agency shall maintain high ethical and professional standards in the regulation of its professional members.
(2) The Agency shall –
(a) Ensure compliance with the Code and rules, regulations and guidelines issued thereunder governing the conduct of insolvency professional agencies and insolvency professionals;
(b) Employ fair, reasonable, just, and non-discriminatory practices for the enrolment and regulation of its professional members;
(c) Be accountable to the Board in relation to all bye-laws and directions issued to its professional members;
(d) Develop the profession of insolvency professionals;
(e) Promote continuous professional development of its professional members;
(f) Continuously improve upon its internal regulations and guidelines to ensure that high standards of professional and ethical conduct are maintained by its professional members; and
(g) Provide information about its activities to the Board.
- Shri Ashok Haldia, Independent Director & Chairman
- Ms. Rashmi Verma, Independent Director
- Shri Ajay Mittal, Independent Director
- Shri Satish Kashinath Marathe, Independent Director
- CA Atul Kumar Gupta, Director
- CA Prafulla P Chhajed, Director
- CA Durgesh Kumar Kabra, Director
- CA Hans Raj Chugh, Director
- CA Rahul Madan, Managing Director