The Insolvency and Bankruptcy Board of India on November 23, 2020 has issued the Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2020. The Board will prepare a common Panel of IPs for appointment as IRP, Liquidator, RP and BT and share the same with the AA (Hon’ble NCLT and Hon’ble DRT) in accordance with these Guidelines. An IP will be eligible to be in the Panel of IPs, if –
- There is no disciplinary proceeding, whether initiated by the Board or the IPA of which he is a member, pending against him;
- He has not been convicted at any time in the last three years by a court of competent jurisdiction;
- He expresses his interest to be included in the Panel for the relevant period;
- He undertakes to discharge the responsibility as IRP, Liquidator, RP or BT, as he may be appointed by the AA;
- He holds an Authorization for Assignment (AFA), which is valid till the validity of Panel. For example, the IP included in the Panel for appointments during January – June 30, 2021 should have AFA valid up to June 30, 2021.
