Published on: November 26, 2021

INDIAN INSTITUTE OF INSOLVENCY PROFESSIONALS

INDIAN INSTITUTE OF INSOLVENCY PROFESSIONALS

NEWS

5th Foundation Day function of the Indian Institute of Insolvency Professionals of ICAI (IIIPI) was recently celebrated

ABOUT

  • Wholly owned subsidiary of the Institute of Chartered Accountants of India ‘ICAI’
  • Section 8 Company promoted to enroll and regulate insolvency professionals as its members in accordance with the Insolvency and Bankruptcy code 2016 and read with regulations.
  • Has been awarded with the registration certificate as the First Insolvency Professional Agency of India
  • 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.
  • One of the key pillars in the insolvency and bankruptcy regime.
  • Front-line regulator required to discharge multiple statutory responsibilities.
  • Responsible for the development and regulation of insolvency profession and professionals, besides building knowledge and capacity of stakeholders
  • Functions OF IIIPI

(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