About IPA ICAI
Insolvency Professional Agency of Institute of Cost Accountants of India ("IPAICAI") is a frontline regulator registered with the Insolvency and Bankruptcy Board of India ("IBBI") bearing registration number IBBI/IPA/16-17/03 under the Insolvency and Bankruptcy Code, 2016 ("Code"). IPA ICAI is a Section 8 Company incorporated under provisions of the Companies Act, 2013 and is a wholly owned subsidiary of the Institute of Cost Accountants of India.
IPA ICAI is vested with the power to enrol, educate, monitor and regulate the profession of the Insolvency Professionals who are enrolled as the professional members with it. The functioning of IPA ICAI also includes laying down the best practices, policies and standards on the different areas developed and emerging areas under the Code, redressing grievances and disciplinary proceedings against the professional members and conducting inspection of its professional members.
IPA ICAI has professional members enrolled with it from versatile disciplines which include CMA,CS,CA, Bankers, Lawyers, Management Experts etc. To ensure continuous growth of the professional members and as a part of continuous learning process, IPA ICAI has a proven track record of introducing various initiatives from time to time in the form of IBC Au-Courant (Daily Newsletter), The Insolvency Professional: Your Insight Journal (Monthly E-Journal), IBC Dossier (Bulletin on brief of landmark judgements), IBC Case Books (A detailed study of company’s insolvency/liquidation process), Preparatory Education Course for Limited Insolvency Examination, Certificate Courses in various domains related to the insolvency and bankruptcy along with the routine series of webinars, roundtables, conference and workshops for the entire professional fraternity across India. Till date IPA ICAI also has a proven track record of conducting maximum inspection of its professional members across India with an intent of improving their performance in line with the best practices.
FUNCTIONS AND DUTIES OF IPA ICAI
Pursuant to the provisions of the Section 204 of the Code, IPA ICAI is mandated to 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.
Also Clause IV of the Schedule prescribed under the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 and Bye-Laws of IPA ICAI, provides for the performance of the following duties on the part of IPA ICAI:
- Maintenance of high ethical and professional standards in the regulation of its professional members.
- Ensuring compliance with the Code and rules, regulations and guidelines issued thereunder governing the conduct of insolvency professional agencies and insolvency professionals.
- Employing fair, reasonable, just, and non-discriminatory practices for the enrolment and regulation of its professional members.
- Be accountable to the Board in relation to all bye-laws and directions issued to its professional members.
- Development of the profession of the Insolvency Professionals.
- Promote continuous professional development of its professional members.
- Continuously improve upon its internal regulations and guidelines to ensure that high standards of professional and ethical conduct are maintained by its professional members.
- Provide information about its activities to the Board.