June 03, 2020
Summary of the guidelines issued by IBBI on 02/06/2020
IBBI issues guidelines to be followed with respect to appointment of Panel of Insolvency Professionals (IPs) for the purposes of Corporate and Individual Insolvency applications under IBC, 2016
Through this notification, IBBI has issued detailed guidelines to be followed by the Board in constituting zone-wise panel of IPs for the purposes of various provisions with respect to Corporate and Individual Insolvency applications, involving appointment of Interim Resolution Professional, Liquidator, Resolution Professional and Bankruptcy Trustee. It also prescribes the eligibility of IP to become a panel member and requires such IP to submit expression of interest in Form A (format annexed to the guidelines) to the Board by such deadline as specified by the Board. The intention of the guideline is to ensure the ready availability of IPs for the Adjudicating Authority to make IP appointments/recommendations, instantly. The guidelines shall come into effect from 01/07/2020.
Aforesaid circular is integrated in our free to use website www.ca2013.com