Context:
The IBBI is implementing revised guidelines for appointing insolvency professionals (IPs) as resolution professionals.
Key Changes:
- Simplified appointment process
- Creation of a designated panel of eligible IPs
- Specific qualifications required
- Mandatory prior experience with Insolvency and Bankruptcy Code (IBC) cases
About IBBI
- Establishment: Founded in 2016 under the Insolvency and Bankruptcy Code, 2016 (IBC).
- Composition: Includes a Chairperson and 10 members from various government departments (Finance, Law, RBI, etc.).
- Role: Oversees and regulates insolvency and bankruptcy proceedings in India, aiming to create a robust ecosystem for efficient insolvency resolution and bankruptcy management.
