Request for Proposal for Appointment of Experts for filing Statutory returns of IBBI

Request for Proposal for Appointment of Experts for filing Statutory returns of IBBI

Request for Proposal for Appointment of
Experts for filing Statutory returns


a. The Insolvency and Bankruptcy Board of India was established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016 (Code). It is a key pillar of the ecosystem responsible for implementation of the Code that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. It is a unique regulator; regulates a profession as well as processes. It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies, Insolvency Professional Entities and Information Utilities. It writes and enforces rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code.

b. The IBBI with its Head Office located at 7th Floor, Mayur Bhawan, Shankar Market, Connaught Circus, New Delhi -110001 seeks to appoint a Chartered Accountant firm/LLP for providing expert services for filing statutory returns as defined in the later part of this tender document. The appointment of CA firm/LLP shall be for the Financial year 2019-20 (from 01st October, 2019 to 31st March, 2020) & 2020-21 till September, 2021. However, the period of contract may be curtailed / terminated any time before the completion of the specified period, including on the ground of IBBI, not being satisfied with the performance of such firm.

c. The various crucial dates relating to Tender for Appointment of Experts for filing Statutory returns are cited as under :

(a) Date of Issue 12th September, 2019
(b) Last Date and time for submission of Tender Document 19th September, 2019 at 1800 Hrs
(c) Date and time for opening of Technical Bids 20th September, 2019 at 1100 Hrs
(d) Likely date for Award of Contract of engagement 1st October, 2019

d. IBBI reserves the right to change any date/time mentioned in the schedule above under intimation to all concerned.

2. General Terms & Conditions and Disclaimers

a. The interested Chartered Accountant firm/LLP may submit the bid complete in all respects along with Earnest Money Deposit (EMD) of Rs.10,000/- (Rs. Ten Thousand Only) and other requisite documents as specified hereinafter at IBBIs office located at 7th Floor, Mayur Bhawan, Shankar Market, Connaught Circus, New Delhi -110001 latest by 19th September, 2019 up to 1800 Hrs., beyond which the bids shall not be accepted.

b. The Bidder is required to submit two separate sealed envelopes super scribed Compliance with eligibility criteria as laid down in Annexure I and second envelope containing financial bid super scribed Financial Bid for Appointment of Experts for filing statutory returns. The financial bid inclusive of Taxes, etc., should be submitted as per format given in Annexure II. Both sealed envelopes should be kept in a third sealed envelope super scribing Tender for Appointment of Experts for filing statutory returns. Bids received in any manner other than as prescribed above shall be liable to be rejected summarily.

c. The bid in the above-mentioned sealed envelope should be submitted on or before 19th September, 2019 up to 1800 Hrs. at the following address;

The Chief General Manager,
Finance & Accounts,
Insolvency and Bankruptcy Board of India,
7th Floor, Mayur Bhawan, Shankar Market, Connaught
Circus, New Delhi -110001.
Telephone No.:011-23462900

d. The Earnest Money Deposit (EMD) of Rs.10,000/- (Rupees Ten Thousand Only), refundable (without interest), should necessarily be accompanied with the Bid in the form of Demand Draft / Pay Order drawn in favour of IBBI, New Delhi, failing which the bid shall be rejected summarily. In the event, the successful bidder fails to sign the agreement with IBBI, subsequent to it being selected, the EMD is liable to be forfeited.

e. The successful bidder will have to deposit a Performance Security Deposit @10% of the value (relating to one Financial Year) at which the contract of engagement is finally awarded to the firm appointed by IBBI. The security deposit shall be in the form of Bank Guarantee/Fixed Deposit Receipt from any Nationalized/ Scheduled Bank drawn in favour of Insolvency and Bankruptcy Board of India, New Delhi having a validity of three months beyond the period of contract of engagement. In case, the contract of engagement is further extended beyond the initial period, the Bank Guarantee/Fixed Deposit Receipt will have to be accordingly renewed by the successful bidder.

f. The Chartered Accountant firm appointed by IBBI for providing expert services for filing statutory returns will not be eligible to participate in bidding process for appointment of Internal Auditor for next three financial years from the last date of their engagement with the Board to avoid any conflict of Interest.

g. The conditional bids shall not be considered and will be summarily rejected in the very first instance without any recourse to the bidder.

h. The Competent Authority of the IBBI reserves the rights to annul all bids and cancel the selection process at any time prior to signing of contract or discontinue this tender process, without assigning any reason.

i. This document does not constitute, nor should it be interpreted as an offer or invitation for the appointment of the Service Provider. Prospective Bidders are advised to go through the complete tender documents including terms and conditions carefully before applying and understand the eligibility conditions, etc. The bid once submitted shall not be ordinarily permitted to be withdrawn, after the closing date of submission of bids, which shall be at the sole discretion of IBBI.

j. No binding legal relationship will exist between any of the Respondents and IBBI until execution of a contract of engagement agreement.

k. A bidder will, by responding to IBBI for RFP, be deemed to have accepted the terms of this document. The term of engagement shall be in accordance with the contract to be entered with successful bidder.

l. All entries in the tender form should be legible and filled clearly. No overwriting or cutting is permitted in the Financial Bid Form. In such cases, the bid shall be summarily rejected.

m. This document is meant to provide information only and upon the express undertaking that recipients will use it only for the purposes set above. No representation or warranty expressed or implied is or will be made as to the reliability, accuracy or the competence of any of the information contained herein. It does not purport to be all inclusive or contain all the information regarding the service to be provided or be the basis of the contract of engagement. It shall not be assumed that there shall be no deviation or change in any of the herein mentioned information on roles and responsibilities of service provider. While this document has been prepared in good faith, neither IBBI, nor any of its officers make any representation or warranty or shall have any responsibility or liability whatsoever in receipt of any statements or omissions therefrom. Any liability is accordingly and expressly disclaimed by IBBI and any of their officers even if any loss or damage is caused by any act or omission on the part of IBBI or any of their officers, whether negligent or otherwise.

n. By acceptance of this document, the recipient agrees that any information herewith will be superseded by any subsequent written information on the same subject made available to the recipient with access to any additional information or to update this document or to correct any inaccuracies therein which may become apparent, and they reserve the right, at any time and without advance notice, to change the procedure for the selection of service provider. Accordingly interested recipients should carry out an independent assessment and analysis of the requirement of the information, facts and observation contained therein.

o. This document has not been filed, registered or approved in any jurisdiction. Recipients of this document should inform themselves or and observe any applicable legal requirement.

p. This document constitutes no form of commitment on the part of IBBI. Furthermore, this document confers neither the right nor any expectation on any party to participate in the tender process. The bidder is responsible for all acts incurred in connection with participation in this process. This tender does not commit IBBI to award a contract of engagement or to engage in negotiations. The bidder participations in this process may resultin IBBI selecting the bidder to engage in further discussions and negotiations towards execution of a contract of engagement. The commencement of such negotiations does not, however signify a commitment by IBBI to execute a contract of engagement or to continue negotiations. The IBBI may terminate negotiations at any time without assigning any reason.

3. Scope

a) To check the vouchers/bills with corresponding entries in Books of accounts periodically.

b) To advise and ensure timely compliance of statutory provisions applicable to IBBI such as Income tax, TDS, GST, CPF, EPF, NPS, etc.

c) To file the returns under Statutory Acts regularly e.g. Monthly, Quarterly, Half yearly and Annually as required under these acts.

d) Preparation of Quarterly/Half yearly/Annual accounts and financial statements and assisting in audit related matters.

e) Such other purpose as may be specified/prescribed by IBBI.

4. Selection Criteria

4.1 Eligibility Criteria:

a. The applicant firm should be a partnership firm or a limited liability partnership registered with ICAI and practicing continuously in India for a minimum period of 3 years inter alia engaged in providing related services.

b. The applicant firm should be based or have an office in Delhi or in National Capital Region and should have minimum of two partners with at least one partner dealing and having expert knowledge and experience in providing related services with at least three years experience.

c. The applicant firm should not have been barred/declared ineligible for corrupt and fraudulent practices by the Govt. of India/State Govt/RBI/ICAI/C&AG and should not have any disciplinary proceedings pending against the applicant firm or any of the partners with ICAI/RBI/C&AG.

d. Should have turnover of Rs. Twenty Lakh or more in the Financial Years 2017-18 (Audited) and 2018-19 (Provisional/Audited).

e. The eligibility criterion has to be duly satisfied on the date of submission of bid and not at a later date.

4.2 Selection Process

This RFP will be assessed on the basis of selection process in following two phases : –

Phase 1 – Pre-Qualification based on Eligibility criteria
Phase 2 – Financial evaluation

After the expiry of last date for submission of bids, the bid envelope containing the compliance with the Eligibility Criteria in respect of all the bidders shall be opened as per the date and time specified in the tender document. However, the financial bid would be considered only in respect of those firms who satisfy the eligibility criteria. The contract shall be awarded to the firm satisfying all the conditions as laid down under eligibility criteria and submitting the lowest financial bid. The lowest financial bid shall be decided on the basis of Total bid amount quoted by the bidder as per S.N. 3 of the Annexure II.

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