NEW DELHI: The Insolvency and Bankruptcy Board of India (IBBI) has released new guidelines for the empanelment of insolvency professionals, facilitating faster appointments in corporate insolvency and bankruptcy cases.
These guidelines detail the procedure for creating a panel of insolvency professionals (IPs) to serve as Interim Resolution Professionals (IRPs), liquidators, resolution professionals (RPs), and bankruptcy trustees (BTs).
In a circular issued on Monday, it was stated that applicants for empanelment must not be under suspension or debarment, nor engaged in any pending disciplinary actions. They must also declare if they have faced any criminal convictions in the last three years.
Under the new regulations, IPs are required to submit an expression of interest to be included in the panel.
Once consent is granted, IPs can only decline assignments when explicitly permitted by the National Company Law Tribunal (NCLT), the Debt Recovery Tribunal (DRT), or the IBBI. The regulator noted, “Any refusal to serve as an IRP, liquidator, RP, or BT upon appointment by the Adjudicating Authority, without adequate justification, will be seen as a breach of consent, resulting in removal from the panel for six months.”
To enhance the management of insolvency cases, IPs are also required to share information about the sectors in which they are currently handling or have previously managed assignments under the Insolvency and Bankruptcy Code (IBC).
Eligible insolvency professionals wishing to join the panel must submit their expression of interest by June 19, 2026. The finalized list will be sent to adjudicating authorities by June 30, 2026.
