Tag: Insolvency professionals

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IBBI Unveils Guidelines to Faster Appoint Insolvency Pros

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.…

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Official: Self-Regulation Key for Insolvency Pros and Valuers

NEW DELHI: Corporate Affairs Secretary Deepti Gaur Mukerjee emphasized the need for insolvency professionals and valuers to establish a robust self-regulation mechanism, underscoring the significance of insolvency law during her address at the ninth annual day of the Insolvency and Bankruptcy Board of India (IBBI). Mukerjee noted that there is still a considerable journey ahead regarding the Insolvency and Bankruptcy Code (IBC), as public expectations are quite high. The IBC, introduced in 2016, aims for a market-driven and timely resolution of distressed assets. Currently, over 4,500 insolvency professionals and 6,000 valuers are registered under this Code. While she asserted that…