December 2, 2021
Summary of the guidelines issued by IBBI on 01/12/2021
IBBI notifies Insolvency Professionals (IPs) to act as Interim Resolution Professionals (IRP), Liquidators, Resolution Professionals (RP) and Bankruptcy Trustees (BT) (Recommendation) (Second) Guidelines, 2021 with effect from 01/01/2022
IB Code, 2016 and its Rules requires the Board to recommend the name of an IP for appointment as IRPs, Liquidators, RP and BT under various sections for Individual and Corporate Insolvency Resolution Processes (CIRP). To avoid administrative delays in making recommendation of IPs, the Board has issued these guidelines, based on which the Board shall form a common zone-wise panel of IPs for appointment as IRP, Liquidator, RP and BT.
This Panel will have a validity of six months and a new Panel will replace the earlier Panel every six months. NCLT and DRT may also pick names from these panels for a CIRP, Liquidation Process, Insolvency Resolution or Bankruptcy Process relating to a corporate debtors and personal guarantors to corporate debtors, as the case may be.
Eligibility and process of selection of IPs are detailed out in the guidelines, which is integrated in our free-to-use website ca2013.com for your ready reference.
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