The annual fee of five lakh rupees becomes due on 1st April, 2017 and shall

be paid by 15th April, 2017 for the financial year 2017-18. It becomes similarly due on 1st April, 2018 to be paid by 15th April, 2018, on 1st April, 2019 to be paid by 15th April, 2019, on 1st April, 2020 to be paid by 15th April, 2020 and on 1st April, 2021 to be paid by 15th April, 2021. Thereafter, the insolvency professional agency may apply for renewal of registration along with an application fee of five lakh rupees. If renewal is granted, there will be no annual fee for 2021-22. (b) Where the annual fee is paid on 20th April, 2017, interest at the rate of twelve percent per annum shall be paid for the delay of five days.] (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; 2 Substituted vide Notification no. IBBI/2019-20/GN/REG044 dated 23.07.2019 (w.e.f. 23.07.2019). Prior to substitution, it stood as – (c) Pay a fee of five lakh rupees to the Board, payable every year after the year in which the certificate is granted or renewed.

(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 five years from the date of issue.