The Indian Institute of Insolvency Professionals of ICAI on Tuesday said it has reduced the annual membership fee for insolvency professionals and Insolvency Professional Entities (IPEs) by 50%. The membership fee for juristic insolvency professionals has been cut to Rs 5,000 from Rs 10,000 and for IPEs, the amount has been reduced to Rs 25,000 from Rs 50,000, according to a release.
The juristic insolvency professionals are the IPE firms which are enrolled as insolvency professionals.
As per the release, the institute will charge for Authorisation for Assignment (AFA). The AFA fee will be Rs 5,000 for insolvency professionals and Rs 25,000 for IPEs at the time of issuance or annual renewal.
'The annual membership fee is compulsory while the insolvency professionals and IPEs will be free to renew the AFA as per their interest and requirement,' it added.
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