Insolvency – IBBI -Salutary decision to frame guidelines and panel in advance for appointment of Interim Professionals to avoid administrative delay
On 8.12.2023, IBBI has framed the Guidelines as “The Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines 2023 for preparation of panel of IPs from 1.1.2024 to 30.6.2023 so that IPs are readily available on reference by the Adjudicating Authority.
As per the existing provisions of law, the IBBI is required to name an Insolvency Professional on receiving reference from the National Company Law Tribunal and Debt Recovery Tribunal (Adjudicating Authority) in respect of Corporate or Individual Insolvency for appointment as Interim Resolution Professional, etc.
