What is Insolvency Professional Agency ?

Q.  Which of the following is/are true?

1) Insolvency Professional Agency solves insolvency cases.
2) Insolvency and Bankruptcy Board of India (IBBI) has granted registration to two companies only to act as insolvency professional agencies (IPAs).
- Published on 29 Nov 16

a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2

ANSWER: Only 2
 
An Insolvency Professional Agency is a front line regulator for the insolvency professionals. It enrols professional members, lays down standards of professional conduct for them and monitors their performance. It also redresses the grievances of consumers against its members.

The Insolvency and Bankruptcy Board of India (IBBI) has granted registration to the following two Section 8 (not-for-profit) companies to act as insolvency professional agencies (IPAs) under the IBBI (Insolvency Professional Agencies) Regulations, 2016:
  • a. Indian Institute of Insolvency Professionals of ICAI, and
  • b. ICSI Insolvency Professionals Agency.

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