ICSI Institute of Insolvency Professionals is a frontline regulator registered with Insolvency and Bankruptcy Board of India under the Insolvency and Bankruptcy Code, 2016. It is a company incorporated under section 8 of the Companies Act, 2013 and is a wholly owned subsidiary of the Institute of Company Secretaries of India. ICSI IIP is cast with onerous task of enrolling, educating, training, as well as monitoring the performance of the members, laying down the standards of professional conduct and disciplining the members whenever required. ICSI IIP has registered about 800 IPs who are Company Secretaries, Management experts, Advocates, Cost Accountants and Chartered Accountants. The governing Board of ICSI IIP consists of eminent persons as Independent Directors and the nominees from ICSI.
Since its inception, ICSI IIP has carried out a number of activities for the education and development of Insolvency Professionals such as bringing out practical oriented publications such as Practical aspects of Insolvency Law, Interim Resolution Professionals : A Handbook, Judicial Pronouncements under the code 2016-Issue Analysis, organising intensive training programmes, interactive sessions with Regulators, Adjudicating Authorities, webinar sessions specially focussing on practical challenges etc.,. ICSI IIP is the first organisation to bring out a monthly journal exclusively on Insolvency. In the years to come, ICSI IIP strives to establish itself as a supportive wing of IPs for their development and to have an effective oversight mechanism for monitoring and disciplining of insolvency professionals.
Eminent practising professionals are enrolled with ICSI IIP.
Bye- Laws of ICSI Institute of Insolvency Professionals (Formerly known as ICSI Insolvency Professionals Agency).
Board of Directors of ICSI IIP
The Governing Board of ICSI IIP oversees the activities and the functioning of the Company. The Governing Board consists of a total of seven directors out of which four are Independent Directors (IDs).The composition of the Board is as follows:
1. Mr. Nalin Kohli – Independent Director (Advocate, Supreme Court of India)
2. Mr. Ashish Kumar Chauhan – Managing Director and CEO, BSE Limited
3. Mrs. Sushma Berlia – President, Apeejay Stya & Svran Group and Chairperson, Apeejay Education Society
4. Mr. Sidharth Birla – Past President-FICCI and Chairman, Xpro India Limited
5. Dr. Jyoti Kiran Shukla- Chairperson, State Finance Commission, Rajasthan
6. Mr. Yogesh Gautam- Chartered Accountant
5. CS Ranjeet Pandey - President ICSI
6. CS Devendra V Deshpande - Council Member, ICSI
7. CS Ashish Garg - Council Member, ICSI
Key Officials of ICSI IIP
- CS Alka Kapoor - Chief Executive Officer
- CS Lakshmi Arun - Head (Education & Training) and Company Secretary
Committees of ICSI IIP
ICSI IIP has constituted the following Committees as required under the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016:
- Advisory Committee of professional members
- Membership Committee
- Monitoring Committee
- Grievance Redressal Committee
- Disciplinary Committee
- Appellate Panel
Composition of Committees.
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:—
- grant membership to persons who fulfil all requirements set out in its byelaws on payment of membership fee;
- lay down standards of professional conduct for its members;
- monitor the performance of its members;
- safeguard the rights, privileges and interests of insolvency professionals who are its members;
- suspend or cancel the membership of insolvency professionals who are its members on the grounds set out in its bye-laws;
- redress the grievances of consumers against insolvency professionals who are its members; and
- publish information about its functions, list of its members, performance of its members and such other information as may be specified by regulations.
VARIOUS POLICIES OF THE COMPANY
1. DISCIPLINARY POLICY
2. GRIEVANCE REDRESSAL POLICY
3. MONITORING POLICY