Insolvency and Bankruptcy Board of India (IBBI) mandates the uploading of judicial orders related to insolvency proceedings by Insolvency Professionals (IPs).
Under the legal purview of section 196 of the Code, a recent circular has mandated Insolvency Professionals (IPs) to uphold a new directive aimed at bolstering transparency and accountability within the insolvency landscape. The directive is clear: IPs are legally bound to systematically upload judicial orders relevant to specific categories of their assignments. This entails sourcing orders from esteemed judicial forums including the National Company Law Tribunal (NCLT), National Company Law Appellate Tribunal (NCLAT), High Court (HC), and Supreme Court (SC), and meticulously uploading them via the designated portal with utmost accuracy.
The circular underscores the significance of this mandate, emphasizing that IPs must utilize the same assignment portal employed for CIRP Forms submissions, categorizing uploaded orders under the dedicated section titled "Orders". Notably, IPs are urged to ensure compliance not only for ongoing assignments but also for past ones, fostering the creation of a comprehensive repository vital for informed decision-making.
This mandate, issued under the auspices of section 196, aims at enhancing transparency, accessibility, and operational efficiency within the insolvency framework. Detailed instructions for compliance, meticulously outlined in Annexure-I, facilitate seamless implementation of this directive, ensuring adherence to legal standards.
In essence, this initiative epitomizes a commitment to cultivating a culture of transparency, accountability, and integrity within the insolvency landscape, safeguarding the interests of all stakeholders involved. Through diligent adherence to this directive, IPs play a pivotal role in upholding legal standards, thereby fortifying the foundation upon which insolvency proceedings are built.
Click here to Read/Download the Circular
Comentários