IBBI to form 'common panel' of insolvency

16 Jun 2023 CW Team

Beginning on July 1, the bankruptcy regulator will create a "common panel" of insolvency professionals (IPs) from among those registered with it and provide the adjudicating authority with a list in advance from which to select different cases of settlement or liquidation.

At the meantime, the National Company Law Tribunal (NCLT) must refer the IP's name to the Insolvency and Bankruptcy Board of India (IBBI) in a corporate insolvency resolution procedure (CIRP).

According to the regulator, the proposed change will "avoid administrative delays" in the nomination of IPs and speed up the resolution of insolvency. According to the IBBI, this list of IPs will also be presented to the Debt Recovery Tribunal for handling individual insolvency cases.

The regulatory body stated in its most recent set of rules, dated June 12, that "the board will prepare a common panel of IPs for appointment as IRP (interim resolution professional), liquidator, RP (resolution professionals), and BT (bankruptcy trustee) and share the same with the AA (adjudicating authority)".

The panel will be followed by an updated one after a six-month validity period. Between July 1 and December 31, the first panel will be in effect.

IPs are required to submit their expressions of interest for membership in such a panel by June 25 according to the regulator. By June 30, it will deliver the panel to the adjudicating body.

Infrastructure Urban

07 Oct 2025

Paras Defence Subsidiary Wins Rs 460 Mn Anti-Drone Order

Paras Defence and Space Technologies (PDST) saw its shares rise 1.5 per cent to Rs 701 after its subsidiary, Paras Anti-Drone Technologies, secured a defence contract from the Ministry of Defence, Government of India, valued at approximately Rs 460.19 million.The order covers the supply of Anti-Drone Systems, including Drone Jammers, marking a significant milestone for Paras Anti-Drone in India’s growing counter-UAV segment. The contract is scheduled for execution by March 2026. According to official filings, the award is from a domestic entity, not a related party transaction, and no promot..

Jindal Stainless Launches First Stainless Steel Fabrication Unit in Mumbai

Jindal Stainless, India’s largest stainless steel manufacturer, through its subsidiary Jindal Stainless Steelway (JSSL), has inaugurated its first stainless steel fabrication unit at Washivali, Patalganga, Mumbai. The 4 lakh sq ft facility is designed to serve the bridge sector, fabricating critical components such as girders, arches, nuts, bolts, and handles. The unit was inaugurated by CEO & CFO Tarun Khulbe in the presence of senior leadership.Developed with an initial investment of Rs 1.25 billion, the facility strengthens Jindal Stainless’ position as a provider of end-to-end fabr..

Hero Future Energies Secures Rs 19.08 Bn for 120 MW Hybrid Project

Hero Future Energies (HFE), through its SPV Clean Renewable Energy Hybrid Three, has secured Rs 19,080 million in funding from State Bank of India (lead) and Canara Bank for the development of its 120 MW renewable energy (RE) hybrid project in Kurnool, Andhra Pradesh.The project, contracted with SJVN, integrates wind, solar, and storage technologies to provide reliable peak power. The funding, structured with a 21-year repayment tenure, will support timely project execution and the commencement of commercial operations.This financial closure underscores the banking community’s confidence in ..