Question: Insolvency Professional Entities are recognized by Insolvency and Bankruptcy Board of India under…
(a) The Insolvency and Bankruptcy Code, 2016.
(b) The Income Tax Ombudsman Guidelines 2006.
(c) The Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974.
(d) Central Excise Act, 1944.
Ans: (a)
Related Fact :
- According to press release by Ministry of Corporate Affairs dated 6th March, 2017 The Insolvency and Bankruptcy Board of India (IBBI) recognized two Insolvency Professional Entities (IPEs) under the Insolvency and Bankruptcy Code, 2016. These are:
- IRR Insolvency Professionals Private Limited
- AAA Insolvency Professionals LLP
- An IPE is jointly and severally liable for all acts or omissions of its partners or directors as IPs committed during such partnership or directorship.
- A limited liability partnership, a registered partnership firm or a company may be recognized by the IBBI as an IPE if (a) a majority of the partners of the limited liability partnership or registered partnership firm are registered as insolvency professionals (IPs); or (b) a majority of the whole-time directors of the company are registered as insolvency professionals, as the case may be.
- The Insolvency Professionals (IPs) are registered and regulated by the IBBI. They have a critical role in transactions under the Insolvency and Bankruptcy Code, 2016 (Code).
- The Insolvency and Bankruptcy Code, 2016 is considered as the biggest economic reform next only to GST. It offers a market determined, time bound mechanism for orderly resolution of insolvency, wherever possible, and orderly exit, wherever required.
Reference:
http://www.ibbi.gov.in/Order.pdf
http://pib.nic.in/newsite/PrintRelease.aspx?relid=158872