03/12/2024
Summary of the IBBI Circular and Guidelines dated 02/12/2024.
This circular and guidelines are integrated in our free-to-use website ca2013.com.
The timeline to file forms for monitoring the liquidation and voluntary liquidation process under the IBC and its regulations has been extended to December 31, 2024 as against the timeline of November 30, 2024 owing to the technicalities and issues involved in submission of the forms.
The responsibility for filing the forms for the ongoing liquidation and voluntary liquidation cases rests with the Insolvency Professionals (IP) currently handling the process. Moreover if an application for closure/ dissolution has been filed, or a dissolution/ closure order has been passed, the IP under whose tenure such application was filed or the order was passed will be responsible for filing all forms related to the particular case.
Click here to view the IBBI Circular.
Insolvency and Bankruptcy Board of India (“IBBI”) issues the Insolvency Professionals (“IPs”) to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2024
The IBBI recognized the need to prepare a panel of Insolvency Professionals (IPs) in advance and share it with the Adjudicating Authority (AA) to minimize administrative delays in the appointment of IPs. The aforementioned guidelines outline the procedure for creating a panel of IPs to serve as Interim Resolution Professionals, Liquidators, Resolution Professionals, and Bankruptcy Trustees and provide for the following:
a. Eligibility of IPs
b. Expression of interest
c. Panel of IPs
d. Sorting criteria for the IPs
e. Conditions for IPs
Click here to view the IBBI Guidelines in details.
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