IBBI has issued fresh guidelines for the empanelment of insolvency professionals to enable quick appointments in corporate insolvency and bankruptcy cases.
These guidelines provide the procedure for preparing a panel of insolvency professionals (IPs) to act as Interim Resolution Professionals (IRPs), liquidators, resolution professionals (RPs) and bankruptcy trustees (BT).
In a circular on Monday, applicants seeking empanelment should not be under suspension or debarment and should not be facing any pending disciplinary proceedings. They are also required to disclose whether they have been convicted by any court during the last three years.
Under the new norms, the IPs will be required to submit an expression of interest to get their…