The Insolvency and Bankruptcy Board of India (IBBI) has released for insolvency professionals to be appointed as interim and regular resolution professionals, liquidators and bankruptcy trustees.
The guidelines will provide the way a panel of insolvency professionals will be prepared for quicker appointments by authorities, avoiding administrative delays in corporate and individual insolvency proceedings. The panel will be valid from 1 January 2025 to 30 June 2025, unless the contrary is provided.
The IBBI invited professionals to apply and applicants must:
1. Not have any pending disciplinary proceedings;
2. Not have any convictions in the past three years;
3. Submit consent to be appointed; and
4. Hold a valid authorisation for the duration of their empanelment and beyond.
Once empanelled, professionals can be appointed by the and Debt Recovery Tribunal to act in a specified capacity for ongoing matters. After empanelment, professionals shall:
1. Accept an appointment in whatever capacity the authorities decide;
2. Neither withdraw their consent nor refuse to be appointed, as doing so without cause will result in removal from the panel for six months; and
3. Not surrender their registration for the period of empanelment.
A will also be released after conclusion of the selection process and it outlines details such as the professional’s name, location, sector, validity duration, etc. Authorities or the IBBI can appoint these professionals.
