March 1, 2025 / IBC

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

The Insolvency and Bankruptcy Board of India (IBBI) has updated the process for certain fee-related compliances and form submissions following the development of online modules. Previously, as per Circular No. IBBI/IP/56/2022 dated 24th November 2022, these specific compliances—outlined in points 2(ii), 2(iii), 2(v), 3(i), and 3(ii) of the Circular’s Annexure—were handled via physical submission due to the absence of online submission capabilities.

With the recent introduction of these online modules, IBBI now mandates that all fee-related compliances and relevant form submissions be conducted exclusively online. Insolvency Professionals (IPs) and Insolvency Professional Entities (IPEs) should access their respective online login accounts under the “IP/ RV Login” section on the IBBI website to complete these transactions. 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/-	1^st Oct 2022
(ii)	Fees (5 yearly) [Submitted through dedicated online module]	Insolvency Professional (Individual)	INR 10,000/ –	INR 20,000/-	1^st 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.	1^st 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/ –	1^st 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/ –	1^st 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/ –	1^st 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.	1^st 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)	1^st 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 1^stOct 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	1^st 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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