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.

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