The Insolvency and Bankruptcy Board of India (IBBI) has issued the Insolvency Professionals to Act as Interim Resolution Professionals, Liquidators, Resolution Professionals, and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2024. Effective from January 1, 2025, these guidelines aim to streamline the process of appointing Insolvency Professionals (IPs) by the National Company Law Tribunal (NCLT) and Debts Recovery Tribunals (DRT) for various insolvency and bankruptcy processes.
The guidelines outline the eligibility criteria for IPs, the procedure for submitting expressions of interest, and the formation of a panel based on experience and completed assignments. IPs must submit their interest by December 22, 2024, with the final panel being shared with the adjudicating authorities by December 31, 2024. The panel will be valid for six months (January 1 to June 30, 2025) and will be structured based on geographical zones.
It is clarified that once included in the panel, an IP’s consent to act as an IRP, Liquidator, RP, or BT is deemed confirmed, and any refusal to accept an appointment without justification will result in removal from the panel for six months. These measures are aimed at reducing administrative delays in the appointment of IPs, ensuring timely resolution processes for corporate and individual debtors under the Insolvency and Bankruptcy Code, 2016.
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