Insolvency Professionals (IPs) | 08 Jun 2024

Source: ET

Recently, the Insolvency and Bankruptcy Board of India (IBBI) has issued new guidelines for appointing insolvency professionals (IPs) as interim resolution professionals, liquidators, and bankruptcy trustees.

• Under the new guidelines, a panel of IPs will be set up with a validity of six months.
• The panel will be shared with the National Company Law Tribunal and the Debt Recovery Tribunal (DRT) to avoid administrative delays.
• To qualify for the panel, IPs must not have any ongoing disciplinary proceedings or convictions in the past three years.
• IPs will hold an authorisation for assignment, which will be valid till the validity of the panel (6 months).
• The panel will be prepared based on the volume of completed assignments and registration dates, giving priority to those with more experience.
• The Insolvency and Bankruptcy Board of India (IBBI) operates under the Ministry of Corporate Affairs and aims to enhance the efficiency of the insolvency resolution process by ensuring a pool of qualified professionals for immediate appointment.

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