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CS Professional · Corporate Restructuring, Valuation and Insolvency · Cross Border Insolvency

Rajan, a professional, is a member of an insolvency professional agency and wishes to act as an insolvency professional in a cross-border matter handled in India. Under Section 207 of the Code, what must he do?

Every insolvency professional must first obtain membership of an insolvency professional agency and then register with the Insolvency and Bankruptcy Board in the manner, time and fee specified by regulations. Registration is mandatory and is made with the Board, not with the NCLT or NCLAT.

  1. AAfter obtaining membership of an insolvency professional agency, register himself with the Board in the prescribed manner and on paying the feeCorrect
  2. BRegister with the NCLT before seeking agency membership
  3. CObtain membership only; registration with the Board is optional
  4. DRegister with the NCLAT after approval of the agency's bye-laws

Explanation

Section 207(1) requires every insolvency professional, after obtaining membership of an insolvency professional agency, to register with the Board within the time, manner and fee specified by regulations. Registration is mandatory and is with the Board, not the NCLT or NCLAT.

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