(1) A person who is desirous of obtaining a license pursuant to Sub-section (1) of Section 63 shall make an
application, along with the prescribed fee, to the Office in the prescribed format.
(2) A person who makes an application pursuant to Sub-section (1) shall meet the following conditions:
(a) Have completed the age of thirty five years;
(b) Being a member of the prescribed professional association;
(c) Having acquired at least bachelor’s degree in commercial law, commerce, management, accounts or any other prescribed subject from a recognized university;
(d) Having abode in the State of Nepal;
(e) Being competent to carry on insolvency practice under this Act.
(3) On receipt of an application under Sub-section (1), the Office shall, if it considers appropriate to issue a license to carry on the insolvency practice, issue the license in the prescribed format.
(4) The license issued pursuant to Sub-section (3) shall be renewed as prescribed.