Regulation - 5, Grant of certificate of registration.

5. (1) If the Board is satisfied, after such inspection or inquiry as it deems necessary and having regard to the principles specified in section 200 of the Code,that the applicant-

(a) is eligible under Regulation 3;

(b) has adequate infrastructure to perform its functions under the Code;

(c) has in its employment, persons having adequate professional and other relevant experience, to enable it to perform its functionsunder the Code; and

(d) has complied with the conditions of the certificate ofregistration, if he has submitted an application for renewal under Regulation 4(2) it may grant or renew a certificate ofregistration to the applicantto carry on the activities of an insolvency professional agency in Form B of the Schedule to these Regulations, within sixty days of receipt of the application, excluding the time given by the Board for removing the deficiencies, or presenting additional documents, information or clarification, or appearing in person, as the case may be.

(2) The registration shall be subject to the conditions that the insolvency professional agency shall -

(a) abide by the Code, rules, regulations, and guidelines thereunder and its bye-laws;

(b) at all times after the grant of the certificate continue to satisfy the requirementsunder sub-regulation (1);

(c) pay a fee of five lakh rupees to the Board, payableevery year after the year in which the certificate is granted or renewed;

(d) seek approval of the Board when a person, other than a statutory body, seeks to hold more than ten per cent, directly or indirectly, of the share capital of the insolvency professional agency;

(e) take adequate steps for redressal of grievances; and

(f) abide by such other conditions as may be specified.

(3) The certificate of registration shall be valid for a period of fiveyears from the date of issue.