Eligibility Criteria

I. Eligibility Criteria

A.Eligibility Criteria to Register as an Insolvency Professional:
  • Chartered Accountant, Company Secretary, Cost Accountant and Advocate who has enrolled as a member of respective Institute/Bar Council and has ten years of experience [Regulation 5(c)(iv) of the IBBI (Insolvency Professionals) Regulations, 2016], or
  • A Graduate who has fifteen years of experience in management, after receiving a Bachelor’s degree from a university established or recognized by law [Regulation 5(c)(iii) of the IBBI (Insolvency Professionals) Regulations, 2016], or
  • Successfully completed the National Insolvency Programme, as may be approved by the IBBI [Regulation 5(c)(i) of the IBBI (Insolvency Professionals) Regulations, 2016], or
  • Successfully completed the Graduate Insolvency Programme, as may approved by the IBBI [Regulation 5(c)(ii) of the IBBI (Insolvency Professionals) Regulations, 2016].

And

  • Has passed the Limited Insolvency Examination within twelve months before the date of his application for enrolment with the insolvency professional agency [Regulation 5(a) of the IBBI (Insolvency Professionals) Regulations, 2016].

And

  • Has completed a pre-registration educational course, as may be prescribed by the IBBI, from an IPA after his enrolment as professional member. [Regulation 5(b) of the IBBI (Insolvency Professionals) Regulations, 2016]
B. Limited Insolvency Examination
  • IBBI has notified syllabus for the Limited Insolvency Examination with effect from1st January 2018 to 31st October 2018 and also with effect from 1st November 2018.
  • For syllabus, registration process for the examination  (http://www.ibbi.gov.in/limited-insolvency.html)
  • The 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. [Regulation 3(3) of the IBBI (Insolvency Professionals) Regulations, 2016]
C. National Insolvency Programme
  • IBBI is yet to notify this Programme.
D. Graduate Insolvency Programme
  • IBBI is yet to notify this Programme.

II. Fees to IIIPI

A. Application fees to be paid are as follows:

Fees to Indian Institute of Insolvency Professionals of ICAI (IIIPI)

  • One time non-refundable Enrolment Fee of Rs. 2000/- (Rupees Two Thousand only) plus GST @ 18%.
  • Annual Membership Fee Rs. 10,000/- (Rupees Ten Thousand only) plus GST @ 18%.
  • Membership Fee is charged at 50% of the Annual Membership Fee i.e. an amount of Rs. 5000/- (Rupees Five Thousand only) w.e.f. 1st October of each Financial Year.
B. Annual Membership Fees of IIIPI
  • Members enrolled with IIIPI have to pay an Annual membership fee Rs. 10,000/- (Rupees Ten Thousand only) plus applicable taxes @ 18% for each Financial Year. The fees should be received by IIIPI on before 30th April of every year.

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