Databank of Interim Administrators/Company Administrators
7 (1) For the purposes of sub-section (1) of section 259, a databank shall be maintained by the Central Government or any institute or agencyauthorized by the Central Government by an order consisting of the names of company secretaries in practice, chartered accountants in practice, cost accountants in practice and such other professionals as may be approved by the Central Government.
(2) No person shall be included in the databank aforesaid, unless he has:
(i) proven ability, integrity and standing having specialknowledge or experience in matters related to revival and rehabilitation of sick companies or insolvency for at least ten years;
(ii) total receipts, from rendering of professional services, not less than fifteen lakh rupees in each of the previous three years according to the audited financial statements;
(iii) free from any professional or other mis-conduct, past and present, committed under the respective statute under whichhe is governed;
(iv) met the fit and proper person criteria specified by the Central Government from time to time. |