NEW DELHI: The Insolvency and Bankruptcy Board of India (IBBI) today notified regulations for liquidation process whereby an insolvency professional is barred from acting as a liquidator unless that individual is independent of the corporate debtor concerned.
The regulations come into force with immediate effect.
IBBI, set up under the Insolvency and Bankruptcy Code, seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.
Among others, advocates, chartered accountants, company secretaries and cost accountants with 15 years of experience in their respective fields can serve as insolvency professionals.
While announ…
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