| Regulation | Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. | Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Third Amendment) Regulations, 2022. . | Comments |
| Reg 6 (1) | An individual enrolled with an insolvency professional agency as a professional member may make an application to the Board in Form A of the Second Schedule to these Regulations, along with a non-refundable application fee of ten thousand rupees to the Board. | An individual enrolled with an insolvency professional agency as a professional member may make an application to the Board in Form A of the Second Schedule to these Regulations, along with a non-refundable application fee of twenty thousand rupees to the Board. | The words “ten”, the words “twenty” shall be substituted. |
| Reg 7 in sub -regulation (2) for sub clause (c) Sub clause (ca) New proviso inserted After sub clause (ca) new sub clause inserted | pay to the Board, a fee of ten thousand rupees, every five years after the year in which the certificate is granted and such fee shall be paid on or before the 30th April of the year it falls due Illustration Where registration is granted on 2nd February, 2018 in the year 2017-18, the fee shall become due on 1st April, 2023, after five years (2018-19, 2019-20, 2020-21, 2021-22 and 2022-23) and it shall be paid on or before the 30th April, 2023. pay to the Board, a fee calculated at the rate of 0.25 percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or before the 30th of April every year, along with a statement in Form E of the Second Schedule | pay to the Board, a fee of twenty thousand rupees, in case the insolvency professional is an individual or a fee of two lakh rupees, in case the insolvency professional is an insolvency professional entity, every five years after the year in which the certificate is granted and such fee shall be paid on or before the 30th April of the year it falls due. Illustration Where registration is granted on 2nd February, 2022 in the year 2021-22, the fee shall become due on 1st April, 2027, after five years (2022-23, 2023-24, 2024-25, 2025-26 and 2026-27) and it shall be paid on or before the 30th April, 2027 pay to the Board, a fee calculated at the rate of one percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or before the 30th of April every year, along with a statement in Form E of the Second Schedule “Provided further that where the insolvency professional is an insolvency professional entity, it shall pay to the Board, a fee calculated at the rate of one per cent. of professional fee earned for the services rendered as an insolvency professional in the preceding financial year on or before the 30th day of April every year, along with a statement in Form G of the Second Schedule pay to the Board, a fee specified under sub-regulation (2) of regulation 31A of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, within a period of thirty days, after end of each quarter or upon closure of the processes whichever is earlier, along with a statement in Form EA of the Second Schedule. Explanation: “quarter” means the period of three months commencing on the first day of January. April, July or October of a financial year | Insolvency professional have to pay to the board twenty thousand rupees every five years after the year in which the certificate is granted and such fees shall be paid on or before the 30th April of the year it falls due. In case the insolvency professional entity have to pay fees of two lakh rupees every five years after the year in which the certificate is granted and such fee shall be paid on or before the 30th April of the year it falls due. Insolvency professional has to pay to the board fee calculated at the rate of one percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or before the 30th of April every year, along with a statement in Form E of the Second Schedule |
| Reg 12 in sub reg (2) | A person eligible under sub-regulation (1) may make an application for recognition as an insolvency professional entity to the Board in Form C of the Second Schedule along with an application fee of fifty thousand rupees. | A person eligible under sub-regulation (1) may make an application for recognition as an insolvency professional entity to the Board in Form C of the Second Schedule along with an application fee of two lakh rupees. | Insolvency professional entity has to pay two lakh rupees along with the application for recognition as insolvency professional entity |
| Reg 13 sub reg (2) in clause (ca) After second proviso new proviso is inserted | pay to the Board, a fee calculated at the rate of 0.25 percent of the turnover from the services rendered by it in the preceding financial year, on or before the 30th of April every year, along with a statement in Form G of the | pay to the Board, a fee calculated at the rate of one percent of the turnover from the services rendered by it in the preceding financial year, on or before the 30th of April every year, along with a statement in Form G of the “Provided further that in case the insolvency professional entity is registered as an insolvency professional, the services for the purpose of this sub-regulation shall not include the services rendered as an insolvency professional provided under third proviso to clause (ca) of sub-regulation (2) of regulation 7.” | The decimal, number and word “0.25 percent”, the words “one per cent.” shall be substituted. |
