Insolvency and Bankruptcy Board of India(Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations)Guidelines, 2020
By INSOL INDIA EDITORIAL TEAM Posted On : August 30, 2020
On July 10, 2020, The Insolvency and Bankruptcy Board of India (“IBBI”) released the IBBI (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations) Guidelines 2020 (“IPA guidelines”). The IPA Guidelines have been implemented in furtherance of the IBBI (Insolvency Professionals) Regulations, 2016 (“IP Regulations”).
Regulation 5(b) of the IP Regulations mandates the completion of a pre-registration educational course by an individual from an Insolvency Professional Agency (“IPA”) in order to be eligible to register as an Insolvency Professional (“IP”). Further, regulation 7(2)(ba) of the IP Regulations provides for continuing legal education of IPs as may be required by the IBBI. Similarly, rule 12(2)(e) of the Companies (Registered Valuers and Valuation) Rules, 2017 (“Valuation Rules”) requires a Registered Valuers Organisation to provide continued legal education to its members.
The IPA Guidelines state that in light of the COVID-19 pandemic, it is necessary to continue online delivery of education beyond September 30, 2020, in addition to the classroom mode, wherever possible. The IPA Guidelines apply to education courses under the IP Regulations and the Valuation Rules and provide for technical requirements and administration of the same. They are valid until March 31, 2021, subject to revocation or extension.
Regulation 5(b) of the IP Regulations mandates the completion of a pre-registration educational course by an individual from an Insolvency Professional Agency (“IPA”) in order to be eligible to register as an Insolvency Professional (“IP”). Further, regulation 7(2)(ba) of the IP Regulations provides for continuing legal education of IPs as may be required by the IBBI. Similarly, rule 12(2)(e) of the Companies (Registered Valuers and Valuation) Rules, 2017 (“Valuation Rules”) requires a Registered Valuers Organisation to provide continued legal education to its members.
The IPA Guidelines state that in light of the COVID-19 pandemic, it is necessary to continue online delivery of education beyond September 30, 2020, in addition to the classroom mode, wherever possible. The IPA Guidelines apply to education courses under the IP Regulations and the Valuation Rules and provide for technical requirements and administration of the same. They are valid until March 31, 2021, subject to revocation or extension.