IBBI Issues Guidelines for Empanelment of Insolvency Professionals as IRP/RP, Liquidators & Bankruptcy Trustees

The Insolvency and Bankruptcy Board of India (IBBI) has issued guidelines stating that the Insolvency Professionals can now act as Interim Resolution Professionals (IRPs), Liquidators, Resolution Professionals (RPs), and Bankruptcy Trustees (BTs) for the period from July 1, 2024, to December 31, 2024.

The board will create panel and IPs shall be sorted on the basis of the volume of completed assignments and registration dates in case of ties. Thus, by establishing a structured panel of qualified Insolvency Professionals (IPs), IBBI aims to enhance the efficiency and transparency of insolvency processes. Further, this will avoid administrative delays in the appointment of Insolvency Professionals by the National Company Law Tribunal (NCLT) and Debt Recovery Tribunal (DRT).

To understand more about the eligibility criteria and process of empanelment

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