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How to become an Insolvency professional?

To enroll as an Insolvency Professional an individual has to qualify the eligibility criteria set under insolvency and bankruptcy code, 2016.

Initiation of Disciplinary Proceedings against the Insolvency Professional

Any aggrieved person can take a legal action against the Insolvency Professional who contravenes any of the provisions of the Code or violates or deviates from the professional duty entrusted upon him/her.

Recommendations for Insolvency, Insolvency professionals and Insolvency professional agencies

The Ministry of Corporate Affairs had set-up a working group consisting of practitioners and experts for making recommendation for drafting regulations in respect of registration and regulations of Insolvency and Insolvency professionals and Insolvency professional agencies envisaged under the code. The following regulations have been drafted and made available on the Ministry’s website: (1) Insolvency … Continue reading “Recommendations for Insolvency, Insolvency professionals and Insolvency professional agencies”

How to choose your Interim Resolution Professional (IRP) for Insolvency Process

an Insolvency Professional having all the aforementioned requirements may be chosen as An IRP for the corporate debtor. However it may have an advantage over other IRP if the person had already dealt in that specific industry being an RP/IRP.

Powers and Duties of Resolution Professional during Insolvency Process

The IBC has clearly outlined the powers and duties of the resolution professional that he can exercise during the insolvency resolution process

Norms for insolvency resolution professionals code by SEBI

Securities and Exchange Board of India (SEBI) is working on the guidelines for insolvency resolution professionals under the capital market norms so the recently introduced Bankruptcy & Insolvency Code is implemented better. The new guidelines will be issued this year. Source: Times of India

Supreme Court on constitutional validity of the Insolvency and Bankruptcy Code, 2016

IBC is economic legislation and that when it comes to economic legislation, flexibility should be given to the legislature because no economic law can be fool proof at its inception.

THE INSOLVENCY AND BANKRUPTCY CODE, 2016: AN OVERVIEW

IBC was introduced to reorganise, restructure or to consolidate the existing framework into a single law for the purpose of Insolvency and Bankruptcy.

How is Interim Resolution Professional Appointed under IBC

The resolution professional, as proposed respectively in the application under section 7 or section 10 of IBC, shall be appointed as the interim resolution professional under Section 16(2) of IBC, if no disciplinary proceedings are pending against him.

NCLT has jurisdiction over contractual disputes that arises solely on account of Insolvency

The NCLT and the National Company Law Appellate Tribunal (NCLAT) have to ensure that they do not usurp the legitimate jurisdiction of other courts, tribunals and for when the dispute is one which does not arise solely from or relate to the insolvency of the Corporate Debtor.