Compliance for Annual Statement of Professional Fee of IP
Table of Contents
IBBI Form E- Compliance (Annual Statement of Professional Fee of IP) for the FY 2023-24
As per Regulation 7(2)(ca) of the IBBI (Insolvency Professionals) Regulations, 2016, insolvency professionals (IPs) must submit an annual statement of professional fees to the Insolvency and Bankruptcy Board of India (IBBI). This is done through Form E. Below is a step-by-step guide to filing Form E for the financial year 2023-24:
- The due date for filing Form E for FY 2023-24 is 30th April 2024. A simple interest at the rate of 12% per annum will be applied on any unpaid fees after the due date.
- Even if no professional fees were earned, no assignments were handled, or the IP was not holding an Authorization for Assignment (AFA), a Nil Statement must still be submitted.
- The due date for FY 2023-2024 compliance was 30th April 2024 (without interest),after which a simple interest at the rate of 12% per annum on the amount of fee unpaid is applicable as per Regulation 7(2)(ca) of IBBI (Insolvency Professionals) Regulations, 2016.
Process to File Form E on the IBBI website
Steps to file Form E on the Insolvency and Bankruptcy Board of India (IBBI) website:
- Go to the IBBI website: IBBI Login. Click on the ‘IP Login’ button and enter your credentials to log in to your account.
- On the left side of the dashboard, find the “Fee” tab. Under the “Fee” tab, click on the sub-tab “Professional Fees”. The dashboard will display details of any previous filings.
- Click on the tab at the top right corner of the dashboard to start a new filing. The contents of Form E will be displayed.
- Enter all required details in Form E. Make the payment as applicable.
- If you need to file a “Nil Statement”, click on the appropriate check box.
- Proceed with either digitally signing or e-signing the form.
- After completing the above steps, a PDF of Form E will be generated. This PDF can be accessed anytime from your account. Note that it is not required to be separately submitted to Insolvency and Bankruptcy Board of India.
- IP not required to file form E in case He surrender of Membership is under process at IPA
Important Notes to be noted while filling Form E on the IBBI website
- Be careful while filling out the form, as it cannot be edited once submitted
- For any revisions or additional filings, fill in the details using the provided Google link. Make the additional payment to the provided bank account.
- Board has enabled the electronic submission of Form E for the FY 2023-24 through your online IP Login account. It may be noted that Form E (‘Nil Statement’) is required to be submitted even if: –
(a) you have not earned any professional fee or
(b) you have not handled/ undertaken any assignment or
(c) you were not holding AFA.
- IBBI – IP Login records indicate that Form E is yet to be filed by IP. Following process of making this compliance and filing Form E in footnote to this email. ip.compliance@ibbi.gov.in
- Ensure you follow these steps carefully to complete your Form E filing accurately and efficiently. For any revisions or additional filings, you may fill in the details in the following google link and make the additional payment in the following bank account: https://forms.gle/Q3rC8E5br6aerbMc7
Beneficiary Name : Insolvency and Bankruptcy Board of India
Bank: Punjab National Bank
A/c No. : 0128002100302250
IFSC : PUNB0112000
Branch : ECE House, Connaught Place, New Delhi-110001
GST Number: 07AAAGI0193K1ZD
IP required to update GSTIN status in the online module.
Revised Rate of Fees payable to IBBI IPs and IPE’s
Fees payable to the Board by IPs & IPEs*
Sr. No. | Particulars | Payable By | Existing Rate | Revised Rate | Effective Date of Applicability |
1. |
IP’s – Individuals |
||||
(i) | Application Fees (One-time)
[Form A submitted through dedicated online registration module] |
Applicant (Individual) seeking registration as an IP | INR 10,000/ – | INR 20,000/- | 1st Oct 2022 |
(ii) | Fees (5 yearly)
[Submitted through |
Insolvency Professional (Individual) | INR 10,000/ – | INR 20,000/- | 1st Oct 2022 |
(iii) | Annual Fee
[Form E submitted through dedicated online module] |
Insolvency Professional (Individual) |
0.25% of professional fee earned for the services rendered as an Insolvency Professional in the preceding FY. | 1.00% of professional fee earned for the services rendered as an Insolvency Professional in the preceding financial year. | 1st Oct 2022 |
2. |
Insolvency Professional Entities |
||||
(i) | Application Fees for recognition as an Insolvency Professional (One-time)
[Form C submitted through dedicated online recognition module] |
Insolvency Professional Entities | INR 50,000/ – | INR 2,00,000/ – | 1st Oct 2022 |
(ii) | Application Fees for registration of Insolvency Professional Entities as an Insolvency Professional (One-time)
[Form AA to be submitted through physical mode/multiple payment modes] |
Insolvency Professional Entities applying for registration as an Insolvency Professional | Not applicable | INR 2,00,000/ – | 1st Oct 2022 |
(iii) | Fees (5 yearly) [To be submitted through physical mode/multiple payment modes] |
Insolvency Professional Entities registered as an Insolvency Professional | Not applicable | INR 2,00,000/ – | 1st Oct 2022 |
(iv) | Annual Fee
[Form G submitted through dedicated online module] |
Insolvency Professional Entities | 0.25% of turnover in the preceding financial year. | 1.00% of turnover (excluding professional fee) in the preceding financial year. | 1st Oct 2022 |
(v) | Change in composition of Board of Insolvency Professional Entities
[Form F to be submitted through physical mode/ multiple payment modes] |
Insolvency Professional Entities | INR 2,000/- per individual (cessation/joining) | INR 2,000/- per individual (cessation/ joining) | 1st Oct 2022 |
3. | Regulatory Fee | ||||
(i) | Related to resolution plans
[To be submitted through physical mode/multiple payment modes] |
Insolvency Professional | Not applicable | 0.25% of the realisable value to creditors under the resolution plan approved under section 31, shall be payable to the Board, where such realisable value is more than the liquidation value. | In cases where resolution plan is approved u/s 31, on or after 1st Oct 2022 |
(ii) | Related to hiring any professional or other services
[Form EA to be submitted through physical mode/multiple payment modes] |
Insolvency Professional | Not applicable | 1.00% of the cost being booked in insolvency resolution process costs in respect of hiring any professional or other services by IRP or Insolvency Professional | 1st October 2022 |
Panel of IPs and IPEs as per IBBI
Panel of IPs and IPEs as IPs prepared in accordance with ‘Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2024’, for appointment as IRP, Liquidator, RP and BT, during the period July 1, 2024, to December 31, 2024.”
Conclusion
- Regulation 7(2)(ca) of the IBBI (Insolvency Professionals) Regulations, 2016 (‘IP Regulations’) specify the requirement and manner of payment of fees by an Insolvency Professional (‘IP’) to the IBBI .
- The due date for FY 2023-2024 compliance was 30th April 2024 (without interest),after which a simple interest at the rate of 12% per annum on the amount of fee unpaid is applicable as per Regulation 7(2)(ca) of IBBI (Insolvency Professionals) Regulations, 2016
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