Section 199 in The Insolvency and Bankruptcy Code, 2016
Title: No person to function as insolvency professional agency without valid certificate of registration.
Save as otherwise provided in this Code, no person shall carry on its business as insolvency professional agencies under this Code and enrol insolvency professionals as its members except under and in accordance with a certificate of registration issued in this behalf by the Board.
Title: Principles governing registration of insolvency professional agency.
The Board shall have regard to the following principles while registering the insolvency professional agencies under this Code, namely:—
(a) to promote the professional development of and regulation of insolvency professionals;
(b) to promote the services of competent insolvency professionals to cater to the needs of debtors, creditors and such other persons as may be specified;
(c) to promote good professional and ethical conduct amongst insolvency professionals;
(d) to protect the interests of debtors, creditors and such other persons as may be specified;
(e) to promote the growth of insolvency professional agencies for the effective resolution of insolvency and bankruptcy processes under this Code.
Title: Registration of insolvency professional agency.
(1) Every application for registration shall be made to the Board in such form and manner, containing such particulars, and accompanied by such fee, as may be specified by regulations:
Provided that every application received by the Board shall be acknowledged within seven days of its receipt.
(2) On receipt of the application under sub-section (1), the Board may, on being satisfied that the application conforms with all requirements specified under sub-section (1), grant a certificate of registration to the applicant or else, reject, by order, such application:
Provided that no order rejecting the application shall be made without giving an opportunity of being heard to the applicant:
Provided further that every order so made shall be communicated to the applicant within a period of fifteen days.
(3) The Board may issue a certificate of registration to the applicant in such form and manner and subject to such terms and conditions as may be specified.
(4) The Board may renew the certificate of registration from time to time in such manner and on payment of such fee as may be specified.
(5) The Board may, by order, suspend or cancel the certificate of registration granted to an insolvency professional agency on any of the following grounds, namely:—
(a) that it has obtained registration by making a false statement or misrepresentation or by any other unlawful means;
(b) that it has failed to comply with the requirements of the regulations made by the Board or bye-laws made by the insolvency professional agency;
(c) that it has contravened any of the provisions of the Act or the rules or the regulations made thereunder;
(d) on any other ground as may be specified by regulations:
Provided that no order shall be made under this sub-section unless the insolvency professional agency concerned has been given a reasonable opportunity of being heard:
Provided further that no such order shall be passed by any member except whole-time members of the Board.
Title: Appeal to National Company Law Appellate Tribunal.
Any insolvency professional agency which is aggrieved by the order of the Board made under section 201 may prefer an appeal to the National Company Law Appellate Tribunal in such form, within such period, and in such manner, as may be specified by regulations.
Title: Governing Board of insolvency professional agency.
The Board may, for the purposes of ensuring that every insolvency professional agency takes into account the objectives sought to be achieved under this Code, make regulations to specify—
(a) the setting up of a governing board of an insolvency professional agency;
(b) the minimum number of independent members to be on the governing board of the insolvency professional agency; and
(c) the number of the insolvency professionals being its members who shall be on the governing board of the insolvency professional agency.