IBBI allows IPEs to act as Insolvency Professionals
Recently, Insolvency and Bankruptcy Board of India (IBBI) has allowed Insolvency Professional Entities (IPEs) to act as insolvency professionals.
- Till now, only individuals were permitted to register as insolvency professionals under the Insolvency and Bankruptcy Code (IBC), which provides for a market-linked and time-bound resolution of stressed assets.
- Rationale behind the Move
- Limitations on the part of an Insolvency Professional (IP): The board decided to institutionalise the profession of IP considering the limitations on the part of an Insolvency Professional (IP), being an individual, in dealing with processes under the Code requiring concurrent efforts, and multi-disciplinary expertise.
Background
- IBBI had in June, 2022, ....
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