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INSOLVENCY AND BANKRUPTCY NEWS

Insolvency Professional Entities concern for the profession and discuss the ways and means to deal with
them. During the quarter under review, issues like disposal of grievances,
During the quarter under review, three IPEs were recognised. As on use of technology in processes, conduct of IPs, concerns emanating from
March 31, 2022, there were 91 IPEs (Table 14).
COVID-19, etc. are discussed. Table 15A presents the details of activities
Table 14: IPEs as on March 31, 2022
Period No. of IPEs by the IPAs. Table 15B gives details of number of continuing professional
Recognised Derecognised At the end of education (CPE) hours earned by IPs.
from the IRP the Period
2016 - 17 (Jan - Mar) 3 0 3 Table 15A: Activities by IPAs
2017 - 18 73 1 75 Period Number of
2018 - 19 13 40 48 Pre- CPE Training Other Disciplinary Complaints
2019 - 20 23 2 69 registration Programmes Workshops Workshops/ Orders (Forwarded
Courses conducted for IPs Webinars/ Issued by IBBI)
2020 - 21 14 0 83 conducted Roundtables/ Disposed
2021 - 22 10 2 91 Seminars
Total 136 45 91 2018 - 19 16 - 07 100 04 11
2019 - 20 11 30 09 157 09 127
Information Utility 2020 - 21 14 193 66 102 42 102
2021 - 22 13 133 56 81 23 12
There is one IU, namely, the National E-Governance Service Limited Total 54 356 138 440 78 252
(NeSL) that provides authenticated nancial information to the users. The Table 15B: CPE Hours earned by the IPs
IBBI interacts with the MD & CEO of the IU along with the MDs of IPAs on Period Number of CPE Hours earned by members of
th
7 of every month to discuss the issues relating to receipt and
IIIPI ICSI IIP IPA ICAI Total
authentication of nancial information.
2019 - 20 1160 695 320 2175
During interactions in this quarter, IPAs were requested to encourage their 2020 - 21 18465 8746 4647 31858
members to make use of the information stored with the IU for verication 2021 - 22 14123 7890 3872 25885
of claims during CIRP. Figure 23 provides details of the registered users and Total 33748 17331 8839 59918
information with NeSL, as submitted by it. Average CPE hours per registered IP 13.29 15.35 23.45 14.82
Figure 23: Details of information with NeSL
(Number in Lakh)
8.00 180.00

7.00 148.58 142.24 160.00
6.82
6.00 140.00
95.85
120.00
5.00 5.15
4.99 100.00
4.00
80.00
3.00
2.83 2.42 60.00
2.00 19.56 1.18 1.39 40.00
0.73 1.09
1.00 0.48 20.00
0.15 0.14
0.00 0.00
2018 - 19 2019 - 20 2020 - 21 2021 - 22
No. of debtors registered No. of records authenticated
Value of records authenticated (Amt. in `lakh crore) Loan records on-boarded
Insolvency Professional Agencies Registered Valuer Organisations
IPAs are front-line regulators and responsible for developing and The Companies (Registered Valuers and Valuation) Rules, 2017 (Valuation
regulating the insolvency profession. They discharge three kinds of Rules) made under section 247 of the Companies Act, 2013 provide a
functions, namely, quasi-legislative, executive, and quasi-judicial. The unied institutional framework for development and regulation of
quasi-legislative functions cover laying down standards and code of valuation profession. Its remit is limited to valuations required under the
conduct through byelaws, which are binding on all members. The Companies Act, 2013 and the Code. The IBBI performs the functions of
executive functions include monitoring, inspection, and investigation of the Authority under the Valuation Rules. It recognises Registered Valuer
professional members on a regular basis, addressing grievances of
aggrieved parties, gathering information about their performance, etc., Organisations (RVOs) and registers RVs and exercises regulatory oversight
with the overarching objective of promoting best practices and conduct over them, while RVOs serve as front-line regulators for the valuation
by IPs. The quasi-judicial functions include dealing with complaints against profession.
members and taking suitable disciplinary actions. An individual having specied qualication and experience needs to enroll
As on March 31, 2022, there are three IPAs registered in accordance with with an RVO, complete the educational course conducted by the RVO,
the Code and Regulations. The IBBI interacts with the MDs of the IPAs clear the examination conducted by IBBI, before seeking registration with
th
and the IU on the 7 of every month, to obtain feedback on areas of IBBI as an RV. There are currently 16 RVOs, Assessors and Registered

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