On May 2, 2019, the Insolvency and Bankruptcy Board of India issued a circular on the ‘Temporary Surrender and Revival of Professional Membership of an Insolvency Professional’ (“Circular”).
The Circular provides that temporary surrender of professional membership by an insolvency professional (“IP”) creates inconveniences in a number of situations, such as, where the IP is conducting an insolvency resolution process, liquidation process, or the IP is acting as an authorised representative representing any class of financial creditors, etc. Therefore, it is advisable that an Insolvency Professional Agency (IPA) shall not ordinarily accept temporary surrender of professional membership of an IP in any of the aforesaid situations.
Further, the Circular also provides certain forms that may be filed to process the acceptance of temporary surrender and revival of professional membership of an IP.
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