IBBI Issues Guidelines for IPs to Act as IRPs, Liquidators/RPs & Bankruptcy Trustees
- Blog|News|Insolvency and Bankruptcy Code|
- 2 Min Read
- By Taxmann
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- Last Updated on 14 June, 2023
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IBBI Recommendation Guidelines, 2023; dated: 05.06.2023
The IBBI has issued guidelines for Insolvency Professionals (IPs) to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees. The IBBI felt the need to prepare the panel of IPs in advance and share it with the Adjudicating Authority (AA) to avoid administrative delays in the appointment of the IPs.
The guidelines provide eligibility criteria for IPs. Additionally, the Board shall invite expressions of interest from IPs in Form A by sending an e-mail to their email addresses registered with the Board. The expression of interest must be received by the Board in Form A by the specified date.
Further, IPs can submit their expressions of interest by June 25, 2023. The Board will send the Panel to the AA by June 30, 2023. Further, IPs are required to fill the sectors in which they have handled assignments or are currently handling assignments under the Code. These sectors include transport, electricity, hotels, real estate, construction, manufacturing and others.
The Board will prepare a common Panel of IPs for appointment as IRP, Liquidator, RP and BT and share the same with the AA. The panel will remain valid for six months.
The inclusion of an IP’s name in the panel will be considered as acceptance to act as IRPs, Liquidator, RP or BT, as the case may be, upon appointment by the National Company Law Tribunal or the Debt Recovery Tribunal.
Also, the panel of IPs prepared as per these guidelines will be effective from 01.07.2023 to 31.12.2023. IPs can submit their expression of interest by June 25, 2023. The Board will send the Panel to the AA by June 30, 2023.
Click Here To Read The Full Guidelines
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