IBBI Issues Guidelines For Appointment Of Insolvency Professionals

The Insolvency and Bankruptcy Board of India (IBBI) has issued guidelines for appointing insolvency professionals (IPs) as interim resolution professionals (IRPs), liquidators, and bankruptcy trustees. A panel of IPs will operate from July 1, 2024, to December 31, 2024, shared with the National Company Law Tribunal (NCLT) and Debt Recovery Tribunal (DRT) to mitigate administrative delays. \r

IPs must meet eligibility criteria, possess relevant experience, and maintain a valid Authorization for Assignment (AFA). The IBBI will prioritize IPs based on experience and registration dates. IPs are expected to accept appointments and maintain registration without withdrawal, with non-compliance leading to temporary removal. \r

Withdrawal of consent requires permission from relevant authorities.