The Insolvency and Bankruptcy Board of India (IBBI) has issued a circular for Insolvency Professionals (IPs) to make disclosures as specified in Para 3 to 5 of this circular. These disclosures are related to relationship of such IPs with Corporate Debtor, other professionals, Financial Creditors, etc. The circular also mentions the time limit for making such disclosures i.e. within three days of any events mentioned in the circular.
The IBBI circular also mentions that these disclosures shall be made in respect of ongoing resolution processes as on date and all subsequent resolution processes. The disclosures due on date in respect of the ongoing processes shall be made to the respective Insolvency Professional Agency by 31st January, 2018.
[Circular No. No. IP/005/2018]