Skip to content

CS Professional · Corporate Restructuring, Valuation and Insolvency · Role, Functions and Duties of IP, IRP and RP

Meera Iyer, a chartered accountant, wants to work as an insolvency professional under the Insolvency and Bankruptcy Code, 2016. She has not yet joined any insolvency professional agency but has applied directly to the Insolvency and Bankruptcy Board of India for registration. What is the position under the Code?

Under the Code, a person must first obtain membership of an insolvency professional agency and only then register with the Insolvency and Bankruptcy Board of India. Board registration comes after agency membership, so applying directly to the Board without membership does not meet the requirement.

  1. AThe Board can register her directly, as membership of an agency is optional
  2. BShe must first obtain membership of an insolvency professional agency and then register herself with the BoardCorrect
  3. CShe must first be registered with the Board and may join an agency within one year
  4. DShe need not register with the Board if she is a chartered accountant

Explanation

Section 207(1) states that every insolvency professional shall, after obtaining membership of any insolvency professional agency, register himself with the Board. Membership therefore comes first and Board registration follows. Direct registration or exemption based on a prior qualification is not provided for.

Did you get it right without looking?

One question tells you little. A timed set on Role, Functions and Duties of IP, IRP and RP shows your real accuracy, how long you take and where you lose marks.

Practise Role, Functions and Duties of IP, IRP and RPFree diagnostic mock

More Role, Functions and Duties of IP, IRP and RP questions