IBBI proposes a cap on assignments for insolvency professionals to curb delays and ensure equitable distribution of work.
New Delhi, Aug 13 (PTI) The IBBI has proposed imposing a cap on the number of assignments that insolvency professionals (IPs) can handle across key roles, in a bid to improve efficiency and ensure equitable distribution of work.
Currently, IPs are restricted to a maximum of 10 assignments as resolution professionals (RPs) in corporate insolvency resolution processes (CIRPs), of which not more than three can involve admitted claims exceeding Rs 1,000 crore each.
The proposed changes will broaden this ceiling to cover IRP and liquidator roles as well, recognising the comparable complexity and time demands of these…