The Insolvency and Bankruptcy Board of India (IBBI) on June 05, 2024, issued the Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2024.
The panel of IPs prepared as per these guidelines will be effective from July 01, 2024, to December 31, 2024.
The following has been stated:
An IP is eligible to be included in the panel, if ―
a. there is no disciplinary proceeding, whether initiated by the Board or the IPA, pending against IP;
b. IP has not been convicted at any time in the last three years by a court of competent jurisdiction;
c. IP has submitted an expression of interest along with consent to act as Interim Resolution Professional, Resolution Professional, Liquidator and Bankruptcy Trustee, for appointment by the National Company Law Tribunal and Debt Recovery Tribunal;
d. 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 an appointment from July 01 – December 31, 2024, should have AFA valid for the period of the entire panel, ie., December 31, 2024, and beyond.
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.
The submission of an expression of interest is an unconditional consent by the IP to act as an IRP, Liquidator, RP or BT of any process relating to a corporate or individual debtor, as the case may be.
