Insolvency professionals appointed under the Insolvency and Bankruptcy Code (IBC) may not find it all that easy to contract out their duties to third party consultants or advisors (including non Insolvency Professional Entity) during corporate insolvency resolution process (CIRP) if the latest IBBI discussion paper is anything to go by.
The Insolvency and Bankruptcy Board of India (IBBI), which has released the discussion paper on Engagement of professionals in a corporate Insolvency Resolution Process, has invited public comments on several questions including whether only a person having an authorisation from the regulator of a profession to practice the profession may be appointed as a professional by an IP in a CIRP.
Public comments…
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