IBBI Notifies Guidelines Providing Procedures for Preparing Panel of IPs to Act as IRPs, Liquidators and RPs
- Blog|News|Insolvency and Bankruptcy Code|
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- By Taxmann
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- Last Updated on 13 December, 2023
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Guidelines dated 08.12.2023
The IBBI has felt a need to prepare the panel of IPs in advance and share with the Adjudicating Authority (AA) to avoid administrative delays in appointment of the IP. These guidelines provide the procedure for preparing panel of IPs to act as IRPs, Liquidators, RPs & Bankruptcy Trustees (BT).
The Board will prepare a common Panel of IPs for appointment as IRP, Liquidator, RP and BT and share the same with the AA in accordance with these Guidelines. The Panel will have validity of six months.
Further, in order to achieve the objectives of the Code it is imperative to give due consideration to the experience gained by IP in handling assignments of liquidation and corporate insolvency resolution process under the Code.
Accordingly, the eligible IPs will be included in the Panel in the order of the volume of completed assignments in the order of experience.
Also, the inclusion of the name of the IP in the panel will be deemed acceptance to act as IRPs, Liquidator, RP or BT, as the case may be, on being appointed by the National Company Law Tribunal or the Debt Recovery Tribunal.
Click Here To Read The Full Guidelines
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