The Insolvency and Bankruptcy Board of India (IBBI) on November 02, 2022, issued a notification regarding the annual compliance certificate for professional insolvency agencies.
A compliance officer must be designated or appointed by a professional insolvency agency (IPA) in accordance with Regulation 7 of the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, in order to ensure compliance with the Code's provisions and any regulations, circulars, guidelines, or directions issued thereunder.
The compliance officer is mandated to submit a compliance certificate to the Board annually, verifying that the IPA has complied with the Code's provisions and regulations, circulars, guidelines, and directions issued thereunder.
In this regard, the format of the annual compliance certificate specifying the list of the compliances was issued by the Board vide Circular No: IPA/009/2018 dated April 19, 2018.
As a consequence of amendments in regulations and in suppression of the above Circular, the revised format of the Annual Compliance Certificate for IPAs is being issued by the Board as per the Annexure attached to the document, all the registered IPAs have to submit the annual compliance certificate to the Board in the said format within 45 days of the end of the financial year.
[Notification No. IBBI/IPA/54/2022]
