GET STARTED WITH A FREE 7-DAYS TRIAL DEMO
  • HELP
    • Help Center
    • Discussion Forum
    • Free Trial
  • SUPPORT
    • Live Chat
    • Give A Call
  • LOGIN
Solvemint
  • CALL : (+91) 844-8273-761
    • Support : (+91) 844-8273-761
  • Home
  • Solution
  • Features
  • How it Works
  • About Us
  • Blog
  • Others
    • Request a Demo
    • Discussion Forum
    • FAQs
    • Careers
    • Contact Us
REQUEST DEMO
  • Bankruptcy IBC Insolvency
  • Feb 26
  • 2 mins read

How to Become Registers Insolvency Professional or Resolution Professional

How to Become Registers Insolvency Professional or Resolution Professional

An Insolvency Professional works on the guidelines of Insolvency and Bankruptcy Board of India (IBBI) and must be affiliated with an insolvency professional agency. They play a major role in the entire process of either dissolving or reviving of an insolvent company.

An insolvency practitioner has the authority to act on behalf of an insolvent individual or company. Passing the Limited Insolvency Examination (LIE) and completion of the Pre-Registration Education Course (PREC) is compulsory to become an insolvency specialist. Exam dates, syllabus, cut-offs, and other important notifications for LIE are published on the IBBI’s website.

Why become an Insolvency Professional?

Insolvency professionals play a crucial role in the liquidation and resolution procedures. The government has adopted strict changes in the Insolvency and Bankruptcy Code and an insolvency expert makes the process hassle-free for debtors and creditors both.

Eligibility Criteria:

An individual is eligible to become an insolvency professional if he/she:

– Is an Indian by nationality
– Is an adult or above 18 in age
– has a sound mind and good health
– Is solvent and hasn’t been reported insolvent
– Has the qualification and experience required
– Has not been sentenced for a term of more than 06 months by any competent court

We’ve listed down the mandatory stages to become an Insolvency Resolution Professional:

1. For professionals such as Chartered Accountants or Advocates with 10 years of experience or degree holders with 15 years of management experience:

– Clear the limited insolvency examination (LIE)
– Join an insolvency professional agency (IPA) within a year of clearing the LIE
– Complete the pre-registration educational course
– Submit an application to the IBBI for getting registered
– For a Chartered Accountant, he/she should be a member of the ICAI
– For a Company Secretary, he/she should be a member of the ICSI
– For a Cost Accountant, he/she should be a member of the ICAI
– For an Advocate, he/she should be enrolled with a Bar Council

2. For younger people with zero or less than 10 years of experience under their belts:

– Make sure you have a Bachelor’s degree from a university recognized by law
– Complete your Graduate Insolvency Programme
– Appear for the LIE and clear it
– Join an insolvency professional agency (IPA) within a year of clearing the LIE
– Complete the pre-registration educational course
– Submit an application to the IBBI for getting registered

Certain parameters have been set to confirm the registration of an individual as an Insolvency Professional. To determine an individual’s candidature, the IBBI may consider these below-listed criteria:

– Integrity, Reputation, and Character
– Absence of convictions
– Financial competence

Any applicant must be enrolled with an Insolvency Professional Agency. Once the entire process is completed, the applicant can proceed to work as an Insolvency Resolution Professional.

Aspirants can become an insolvency professional without taking the LIE as well, only for a limited period. Only Chartered Accountants, Company Secretaries, Cost Accountants or Advocates with over 15 years of experience are eligible for this program. Eligible individuals can submit an application for registration by paying a non-refundable application fee of Rs.5000. Individuals selected under this program would be registered for a limited period of time. After the expiry of the registration, they cannot pursue work as an Insolvency Professional.

CIRP Corporate Insolvency Resolution IBBI Insolvency Insolvency & Bankruptcy Board of India Insolvency & Bankruptcy Code Insolvency Professional Resolution Professional

You may also like

How Does Corporate Insolvency Resolution Process (CIRP) Works?
Bankruptcy Insolvency NCLT

How Does Corporate Insolvency Resolution Process (CIRP) Works?

In recent times due to coronavirus, we are seeing financial institutes tumbling, major economic factors turning red, and global recession looming. During the lockdown period, when economic activities around the world have stopped, stock exchanges have crashed, and investors are pulling out money.

toshendra
  • Apr 20
  • 4 mins read
What is Bankruptcy?
Bankruptcy

What is Bankruptcy?

Bankruptcy derives its name from the Italian word “banca rotta,” which means “broken bench.” Since, traditionally, bankers used wooden benches, idiomatically, it means “broken bank.” Based on folk etymology

toshendra
  • Apr 18
  • 4 mins read

Latest Post

How Does Corporate Insolvency Resolution Process (CIRP) Works?

How Does Corporate Insolvency Resolution Process (CIRP) Works?

  • April 20, 2020
  • 4 mins read
What is Bankruptcy?

What is Bankruptcy?

  • April 18, 2020
  • 4 mins read
What Bankruptcy Software Entails?

What Bankruptcy Software Entails?

  • April 15, 2020
  • 4 mins read
What Software is Available For Insolvency Practitioners?

What Software is Available For Insolvency Practitioners?

  • April 13, 2020
  • 3 mins read
DIFFERENCE BETWEEN INSOLVENCY AND BANKRUPTCY CODE 2016 AND 2018

DIFFERENCE BETWEEN INSOLVENCY AND BANKRUPTCY CODE 2016 AND 2018

  • April 9, 2020
  • 4 mins read

Categories

  • Bankruptcy (17)
  • Featured (1)
  • IBBI (4)
  • IBC (12)
  • Insolvency (23)
  • Liquidation (6)
  • Most Popular (1)
  • NCLT (7)
  • News (2)
  • Updates (1)

Archives

  • April 2020 (8)
  • March 2020 (6)
  • February 2020 (12)
  • March 2019 (1)

Subscribe to Solvemint

I want the latest update in...


    Follows Us

    Company

    • About us
    • Career We’re Hiring!
    • Press
    • Blog
    • Contact us

    Solution

    • Solvemint

    Support

    • Help Desk
    • Knowledge Base
    • Embed Tools
    • Live Chat
    • Support Policy
    • Refund Policy

    Community

    • Forum New!
    • FAQs
    • Terms
    • Privacy Policy

    Contact

    • Icon [email protected]
    • Icon(+91) 8448-237-761
    • IconGurugram, India.

    © 2021 Solvemint. Developed with ❤ in India.