IBBI (Continuing Professional Education for Insolvency Professionals) Guidelines, 2019

Aug 07, 2019 | by Avantis RegTech Legal Research Team


The Insolvency Board of India (IBBI) on August 06, 2019, in consultation with all the three Insolvency Professional Agencies (IPAs), has prepared guidelines called the Insolvency and Bankruptcy Board of India (Continuing Professional Education for Insolvency Professionals) Guidelines, 2019. These Guidelines shall come into force with effect from January 01, 2020. 

The Insolvency Professionals (IPs) plays an important role in resolution, liquidation and bankruptcy processes of companies, LLPs, partnership firms, proprietorship firms and individuals in distress. The IBBI (Insolvency Professionals) Regulations, 2016 mandates registration of an IP. An IP needs to continuously upgrade himself through Continuing Professional Education (CPE) to remain relevant and provide value added services. An IP shall undertake a minimum of 10 credit hours of CPE each calendar year and a minimum of 60 credit hours of CPE in each rolling block of three calendar years

Application:-

(a) An IP shall undertake CPE in compliance with these Guidelines to keep his registration valid. 

(b) Authorisation for assignment shall not be issued or renewed to an IP who fails to comply with these Guidelines.

(c) These Guidelines shall not apply to IPs who have completed the age of 65 years.

Monitoring:-

(a) The IPA shall monitor and maintain records of CPE in respect of its professional members in a manner accessible to IPs and the Board. 

(b) The record of CPE shall include the details of learning activity undertaken by an IP, year wise and rolling block wise, including dates of each learning activity, the area of such activity, the credit hours earned for such activity, etc. 

(c) The IPA shall submit an exception report every quarter to the Board and make available detailed records to the Board when called upon to do so. 

(d) The Board shall make random check to verify the quality of learning activity and records of the IPAs in respect of CPE of their professional members.


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