As banks and financial institutions try to resolve the bad loan cases there is huge demand for insolvency resolution professionals.
So far, chartered accountants, company secretaries and lawyers have walked away with the mandate to provide resolution professional services. Non-professionals, including graduates from non-commerce backgrounds and having management experience of 15 years, and who have qualified themselves as RPs, are looking to break a sort of glass ceiling to get the mandate.
The reason is not far to see. Under the insolvency framework, it is the Committee of Creditors (CoC) that decides on the appointment of RP. The CoC wields significant influence and in many occasions it even replaces the interim resolution profession…
Read the full article at: https://www.thehindubusinessline.com/economy/insolvency-quality-competence-drive-choice-of-the-resolution-professional/article23905645.ece