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The Insolvency and Bankruptcy Board of India (IBBI) issued a circular (No. IBBI/IP/65/2024) on 1st Feb 2024 to address all duly registered Insolvency professionals, recognized insolvency professional entities, and registered insolvency professional agencies. This circular is issued to facilitate clarity and transparency in specific areas for the efficient conduct of insolvency processes by insolvency professionals. (IPs).
The IBBI circular provides clarity on the roles and functionality of Insolvency Professionals (IPs) within the Insolvency and Bankruptcy Code, 2016, and empowers them to appoint professionals and avail services from insolvency professional entities (IPEs). Section 208 of the IBC code, including IP regulations, mandates IPs to comply with the code of conduct, which covers principles such as integrity, independence, impartiality, remuneration, and costs. Depending upon the experiences, the IBBI circular provides clarity on two different specific issues, such as
The IBBI, in its circular (No. IBBI/IP/65/2024), facilitates an increase in the clarity and transparency for the functioning of insolvency professionals (IPs) under the IBC code 2016. It reflects the commitment to refine and enhance the entire insolvency process. The circular provided clarity concerning the implementation of resolution plans and billing compliance and made IPs comply with the conduct principles outlined in the IBC code for smooth insolvency proceedings.
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