The role of insolvency resolution professionals (IRPs) and their ability to handle day-to day affairs of bankrupt companies has come under the spotlight with the NCLT questioning their decisions in a few recent high-profile insolvency cases.
At last count, there were over 1,800 registered IRPs wading through a pile of over 9,000 cases. Stakeholders are demanding that the law should allow appointment of insolvency resolution entities rather than IRPs.
How well qualified is a chartered accountant or a company secretary to oversee the functioning of a steel or a power firm is the main concern. We see a bulk of the responsibilities given to either smaller companies or associates of IRP, noted an expert.
The next round of amendments to the In…
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