CAIRR Update June 13, 2023

June 13, 2023

Summary of the IBBI Guidelines dated 05/06/2023

These guidelines are integrated in our free-to-use website ca2013.com.

The Insolvency and Bankruptcy Board of India (“the Board”) has issued guidelines known as ‘Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2023’, to provide the procedure to constitute a panel of Insolvency Professionals (IPs) to act as Interim Resolution Professionals (IRPs), Liquidators, Resolution Professionals (RPs) and Bankruptcy Trustees (BTs) in order to avoid administrative delays in the appointment of IP. The panel of IPs constituted as per these guidelines will be effective from 1st July 2023 to 31st December 2023. 

Guidelines for empanelment constitution:

1. IPs to satisfy the eligibility criteria as specified in the guidelines.
2. The Board is required to obtain the Expression of Interest (EOI) from the IPs to act as the IRP, Liquidator, RP, and BT. The eligible IPs to submit the EOI by June 25, 2023 in the prescribed format.
3. The Board to prepare a common Panel of IPs for appointment as IRP, Liquidator, RP and BT and share the same with the Adjudicating Authority (Hon’ble NCLT and Hon’ble DRT). The Panel will have a validity of six months.
4. The Guideline has also specified the scoring criteria for the IPs.
5. The inclusion of the name of the IP in the panel will be deemed acceptance to act as IRPs, Liquidator, RP or BT. The IPs to not withdraw their consent or refuse to accept the appointment unless otherwise permitted by Adjudicating Authority or surrender his registration or membership during the validity of the panel.

Click here to view the IBBI guidelines