NEW DELHI: Not-for-profit companies having a minimum net worth of Rs 10 crore will be eligible to act as an insolvency professional agency under the Insolvency and Bankruptcy Code.
Moving ahead with implementation of the Code, two sets of regulations have been notified by the Insolvency and Bankruptcy Board of India (IBBI).
The Model Bye-Laws and Governing Board of Insolvency Professional Agencies as well as those pertaining to Insolvency Professional Agencies have been notified.
“These two regulations inter alia provide for the eligibility norms to be a professional member of an insolvency professional agency and also for eligibility norms to be registered with the IBBI as an insolvency professional agency,” Corporate Affairs Min…
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