The Insolvency Resolution Professional (“IRP”) is an integral part of the Insolvency and Bankruptcy Code, 2016 (“IBC”); a laudable and long overdue Legislation. Even though similar concepts like liquidators, Operative Agencies and interim administrators have existed for long time under Indian Law, the establishment of the Corporate Insolvency Resolution process (“CIRP”) and the IRP’s is a unique legislative move.
CIRP AND IRP: IMPLEMENTATION ISSUES
Like any new legislation or policy, IBC also has various issues and ambiguities which needs to be addressed, criticism is often easy and convenient. But the real task lies in identifying the problems and ambiguities and attempting to rectify them, so that…
Read the full article at: http://businessworld.in/article/Insolvency-Resolution-Professional-New-Age-Liquidators-Or-A-Bit-More-/24-03-2018-144412