Regulation - 12, Recognition of Insolvency Professional Entities.
Regulation - 12, Recognition of Insolvency Professional Entities.
Recognition of Insolvency Professional Entities.
12. (1) A limited liability partnership, a registered partnership firm or a companymay be recognisedas aninsolvency professional entity if-
(a) a majority of the partners of the limited liability partnership or registered partnership firm are registeredas insolvency professionals; or
(b) a majority of the whole-time directors of the company are registered as insolvency professionals, as the case may be.
(2) Aperson eligible under sub-regulation (1) may make an applicationfor recognition asaninsolvency professional entity to the Board in Form C of theSecond Schedule to these Regulations.
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