Insolvency regulator, Insolvency and Bankruptcy Board of India (IBBI) has now brought in several changes to its Corporate Insolvency Resolution Process (CIRP) regulations as part of its overall effort to ensure arms-length dealings and transparency in the appointment and functioning of Resolution Professionals (RP).
Amendments have been introduced to ensure elimination of any potential conflict of interest in the functioning of RPs.
With the latest changes, an insolvency professional would not be eligible to be appointed as an interim resolution professional for a CIRP of a corporate debtor if he or any other partners or directors of such insolvency professional entity represent any other stakeholder in the CIRP process.
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Read the full article at: https://www.thehindubusinessline.com/companies/ibbi-unveils-new-regime-on-resolution-professionals-appointment/article35368861.ece
