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The regulator clarified disciplinary proceedings, the limit on the number of assignments, and fee structures for Insolvency Professional Entities (IPEs), , Insolvency and Bankruptcy Board of India (IBBI), insolvency professional entities (IPE)
According to IBBI, the norms that provide for restrictions on the number of assignments that can be undertaken by an IP will not be applicable for IPEs.
Corporate Insolvency: IBBI may rein in engagement of third party consultants
December 20, 2020
× 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.