CS Professional · Corporate Restructuring, Valuation and Insolvency · Insolvency
The Board is framing regulations for insolvency professional agencies. Which of the following can the Board specify under section 203 of the Code?
Under section 203, the Board may make regulations specifying the number of insolvency professionals, who are members of the agency, to be on its governing board. Matters such as resolution professional fees, process timelines or tribunal rejection grounds are not covered by that section.
- AThe fee payable by a debtor to an interim resolution professional
- BThe number of insolvency professionals, being members of the agency, who shall be on its governing boardCorrect
- CThe time limit for completing a corporate insolvency resolution process
- DThe grounds on which the adjudicating authority may reject an application
Explanation
Section 203(c) allows the Board to specify the number of insolvency professionals who are members of the agency and shall be on its governing board. The other options relate to matters outside section 203: professional fees, process timelines and adjudicating authority powers.
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