Insolvency Professionals Under The Insolvency And Bankruptcy Code, 2016

Insolvency professionals are licensed professionals, who are registered with the Insolvency and Bankruptcy Board of India ("Board") and are enrolled with an insolvency professional agency. This professional is appointed as an insolvency resolution professional to manage the resolution process and as a liquidator to conduct liquidation of a corporate debtor. He or she is appointed by the Adjudicating Authority and is given the power by the Adjudicating Authority to effectively run and manage the entity as a going concern, and assets of the entity at all times during the process of resolution. Being a new legislation, the Code is evolving with every passing day and so are the rights and duties of the insolvency professionals as interim resolution professionals ("IRP") or resolution professionals ("RP") as the case may be. The present article discusses the same and also some recent judgments by the adjudicating authority and the appellate authority and also the circulars