The bankruptcy regulator will prepare a “common panel” of insolvency professionals (IPs) from those registered with it and share the list in advance with the adjudicating authority to choose from to oversee various cases of resolution or liquidation from July 1.
At present, the Insolvency and Bankruptcy Board of India (IBBI) is required to recommend the IP’s name only after receiving reference from the National Company Law Tribunal (NCLT) in a corporate insolvency resolution process (CIRP).
The proposed move, the regulator believes, will “avoid administrative delays” in the appointment of IPs and help expedite insolvency resolution.
This list of IPs will also be submitted with the Debt Recovery Tribunal for handling individual insolvency c…
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