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 Transport

07 Apr 2026

Large Format Store Planned At M G Road Metro Station

M G Road station in Bengaluru is set to host the city’s first large-format commercial and experience space, with planning led by Bangalore Metro Rail Corporation Limited. BMRCL has invited proposals to develop and operate a central business district destination at the Purple?Pink Line interchange. The plan positions the station as a commercial hub designed to serve a broad commuter base across the city. The proposal is part of a broader effort to activate transit nodes commercially. Tender documents set a minimum monthly rental of Rs 0.944 million (mn), inclusive of GST, for the large-format..

Government Cancels Auction Of Eleven Critical Mineral Blocks

The government has cancelled the auction of 11 critical and strategic mineral blocks after receiving a poor investor response and failing to attract a sufficient number of qualified bidders. The decision represents a setback to plans to ramp up domestic exploration and production of critical minerals amid global supply chain disruptions and rising demand for materials used in clean energy and advanced technologies. The mines ministry issued an annulment notice setting out the reasons for the cancellations. The annulment notice indicated that the auction process for five mineral blocks was canc..

Gujarat Pushes Biogas Growth With 193 Operational Units

Gujarat has operationalised 193 biogas plants across the state and is planning to add 60 more units as part of a broader push to scale up clean and sustainable energy solutions. The existing plants, established under various government-supported schemes, process organic waste including cattle dung and agricultural residue to produce biogas and a nutrient-rich slurry. The output is mainly used for cooking and other energy needs in rural and semi-urban communities, while also improving local waste management practices. The Gujarat Energy Development Agency (GEDA) is leading the initiative and is..