The Insolvency and Bankruptcy Board of India (IBBI) on December 08, 2023 issued the Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2023
The panel of IPs prepared as per these guidelines will be effective from January 01, 2024, to June 30, 2024.
The following has been stated namely: -
• The eligibility criteria of the IP have been stated as follows namely: -
(i)If there is no disciplinary proceeding, whether initiated by the Board or the IPA, pending against IP.
(ii) IP has not been convicted at any time in the last three years by a court of competent jurisdiction.
(iii) IP has submitted an expression of interest along with consent to act as Interim Resolution Professional, Resolution Professional, Liquidator, and Bankruptcy Trustee, appointed by the National Company Law Tribunal and Debt Recovery Tribunal.
(iv) IP holds an Authorisation for Assignment (AFA), which is valid till the validity of the Panel. For example, the IP included in the Panel for appointments from January 01 – June 30, 2024, should have AFA valid up to June 30, 2024.
• It states that 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.
• The eligible IPs shall be included in the Panel in the order of the volume of completed assignments in the order of experience.
• The IPs will not withdraw their consent or refuse to accept the appointment unless otherwise permitted by the National Company Law Tribunal Debt Recovery Tribunal or the Insolvency and Bankruptcy Board of India, in accordance with the law. Any refusal to act as IRP, Liquidator, RP, or BT, as the case may be, on being appointed by the AA, without sufficient justification, will be treated as deviation from consent and the name will be removed from the panel for six months.
Kindly refer to the document to view further details
