Role of Insolvency Professional Agency

Section 204 of the Code provides for the “Functions of Insolvency Professional Agency” which are stated below:

 An Insolvency Professional Agency shall perform the following functions, namely:—

  1. grant membership to persons who fulfil all requirements set out in its byelaws on payment of membership fee;
  2. lay down standards of professional conduct for its members;
  3. monitor the performance of its members;
  4. safeguard the rights, privileges and interests of insolvency professionals who are its members;
  5. suspend or cancel the membership of insolvency professionals who are its members on the grounds set out in its bye-laws;
  6. redress the grievances of consumers against insolvency professionals who are its members; and
  7. publish information about its functions, list of its members, performance of its members and such other information as may be specified by regulations.

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