Corporate Updates – 20-06-2017


IBBI, has issued a Public Notice to clarify the position under the Code as to who can render services as IP’s. Accordingly, no person to function as an Insolvency Professional without obtaining Certificate of Registration from IBBI. Section 206 prohibits a person from rendering services as IP under the Code unless he is enrolled as a member of an IPA, and is also registered with the IBBI. Section 207 requires a person first to obtain membership of an IPA and then register himself with the IBBI. It empowers the IBBI to specify the categories of professionals or persons possessing such qualifications to be eligible for registration as IPs. No person other than persons registered as IPs with the IBBI can act as IP. Further, Insolvency Professional Entities are neither enrolled as member of an IPA nor registered as IP with the IBBI and cannot act as IPs under the Code.


NCLT is suppression of its earlier order dated 06-07-2016 has issued an Order dated 12-06-2017 amending the division of work between Division and Single Bench of NCLT. Accordingly all benches of NCLT, whether Division or Single Bench shall exercise equal powers for disposing the cases related to the Companies Act, 2013 and Insolvency & Bankruptcy Code, 2016. Further, the cases shall be equally distributed among the Benches at the same station. This Order shall come into force w.e.f 13-06-2017.

News from NIRC of ICSI

NIRC of ICSI cordially invites all its members for International Yoga Day Celebration under the guidance of CS Sudhir Jain on Wednesday, the 21st June, 2017 from 9.00 am onwards at ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi – 110005. No Participation Fees.

Speak Your Mind