IBBI Permits IPs to Resign from Assignment on the Recommendation of CoC/Consultation Committee/Debtor or Creditor
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- Last Updated on 4 February, 2024
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Notification No. IBBI/2023-24/GN/REG 110. Dated 31.01.2024
IBBI has notified amendment to the IBBI (Insolvency Professionals) Regulations, 2016 whereby a new clause 22A has been inserted in the First Schedule allowing insolvency professionals to resign from the assignment, subject to the recommendation of a) committee of creditors in a CIRP, b) consultation committee in liquidation process, debtor or creditor in the insolvency resolution process of personal guarantor to the corporate debtor, as the case may be, and the approval of Adjudicating Authority.
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