CAIRR update 06 May, 2019

Summary of Circular in the Insolvency and Bankruptcy Code, 2016 issued on 02/05/2019 is listed below:

1. Circular on Temporary Surrender and Revival of Professional Membership of an Insolvency Professional:

Through this Circular, IBBI has advised the Insolvency Professional Agency (IPA) not to ordinarily accept temporary surrender of professional membership of an IP to avoid the inconveniences caused by accepting the same in following cases where such IP is:

• conducting a corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy process under this code
• acting as an authorised representative representing any class of financial creditors
• included in the panel under ‘Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018’ or similar Guidelines
• included in the panel under ‘the Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018’ or similar Guidelines; or
• is acting as an Administrator under ‘the Guidelines for Appointment of Insolvency Professionals as Administrators the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018’ or similar Guidelines

IPA are also advised on the forms that should be used to process acceptance of temporary surrender and revival of professional membership of an IP. Read more…