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ARTICLE · 02 SEPTEMBER 2024

Restructuring & Insolvency Monthly Update | August 2024

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The Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees...

IndiaInsolvency/Bankruptcy/Re-Structuring
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STATUTORY UPDATES

The Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2024 issued on June 05, 2024.1

  • IBBI has issued the Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2024 (Recommendation Guidelines) in order to provide for a procedure to prepare a panel of IPs to act as IRPs, Liquidators, RPs and Bankruptcy Trustees.
  • These Recommendation Guidelines provides for the following criteria to prepare a panel of Ips, which shall be effective from July 01, 2024 to December 31, 2024.
    • Eligibility of IPs – (i) No disciplinary proceeding; (ii) No conviction at any time during last three years; (iii) submission of Expression of Interest along with Consent to act as IRP, RP, Liquidator and Bankruptcy Trustee for appointment by Adjudicating

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