The Insolvency and Bankruptcy Board of India (IBBI) on December 02, 2024, issued the Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals, and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2024.
The following has been stated namely: -
• The panel of IPs prepared according to these guidelines will be effective from January 1, 2025, to June 30, 2025.
• It provides that an Insolvency Professional (IP) shall be eligible for panel inclusion if they meet compliance, disciplinary, conviction, consent, and valid Authorisation for Assignment (AFA) criteria.
• It provides that IPs shall be sorted in the panel based on the volume of completed assignments, and in case of a tie, by their registration date with the Board.
Detailed notification is attached below.
