Summary of Circular in Insolvency and Bankruptcy Code, 2016 issued on 14/05/2019 is provided below:
- IBBI Circular on Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) Guidelines, 2019
This circular replaces the ‘Interim Resolution Professionals or Liquidators (Recommendation) (Second) Guidelines, 2018’ which shall come into effect from 1st July, 2019. The revised guidelines intend to avoid administrative delays by providing for setting up a Panel of IPs for the purpose of section 16(4) and 34(6) from amongst the registered IPs. This panel will be formed by the Board based on the expression of interest submitted by IPs in Form A, and have a validity of six months, after which a new panel will be constituted. The Adjudication Authority may pick up any name for appointment from the Panel, where eligible IPs will be selected based on their score according to the volume of their ongoing assignment. Read more…
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