ICSI Institute of Insolvency Professionals (ICSI IIP) is a frontline regulator registered with the Insolvency and Bankruptcy Board of India (IBBI) under the Insolvency and Bankruptcy Code, 2016. ICSI IIP is registered under section 8 of the Companies Act, 2013 and is a wholly owned subsidiary of Institute of Company Secretary of India (ICSI). ICSI IIP has vested with the power and authority inter alia to enrol, educate, train and also monitor the performance of its registered members as an Insolvency Professional. Its mandate also includes laying down standards of professional conduct and take steps in the direction of disciplining its members, whenever required. There are more than 800 Professionals from various professional background and experience who are registered with ICSI IIP as an Insolvency Professional. This inter alia includes Company Secretaries, Management Experts, Advocates, Cost Accountants, Chartered Accountants et al.
Many eminent personalities are on the Board of ICSI IIP as Independent Directors and Nominee Directors.
Ever since its formation, ICSI IIP has been involved in a number of activities aimed at Educating and Developing the Insolvency Professionals. These activities inter alia include issuance of different publications, such as, Practical aspects of Insolvency Law, Interim Resolution Professionals: A Handbook; Monthly Journal; Weekly Journal (Knowledge Reponere) and Daily Learning Curves; Organizing Intensive Pre-registration Educational Training Programmes, Interactive Sessions with Regulators and Insolvency Professionals; conducting Webinar Sessions especially focusing on practical aspects and challenges faced by Insolvency Professionalset al.
ICSI IIP is also the first organization in the country to bring out a monthly journal on the subject of Insolvency and Bankruptcy law, and in the coming years, ICSI IIP intends to establish itself as a supportive wing for the IPs by helping them in their Education and Development and to have an effective oversight mechanism for monitoring and disciplining the Insolvency Professionals.
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.