IBBI issues Discussion Paper on Governance of Insolvency Professional Agencies and Information Utilities

Aug 16, 2018 | by Avantis RegTech Legal Research Team

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 The Insolvency and Bankruptcy Board of India (IBBI), on August 14, 2018, has published a Discussion Paper on Governance of Insolvency Professional Agencies and Information Utilities. The institutional infrastructure under the Insolvency and Bankruptcy Code, 2016 (Code) envisages four key pillars, namely, the Adjudicating Authority (National Company Law Tribunal and Debt Recovery Tribunal), the IBBI, the Information Utilities (IUs), and the Insolvency Professionals (IPs).

 

 

An IP plays a central role in resolution, liquidation and bankruptcy processes of companies, LLPs, partnership firms and individuals. The Bankruptcy Law Reforms Committee (BLRC), which conceptualised the Code, felt that regulations must ensure that IPs are competent to perform the variety of tasks they may be hired for and that IPs are fair and impartial, as also conflict of interests are minimised.

 

Comments and suggestions are invited from public, including stakeholders on the proposals made at Para 7A, 7B, 7C, 7D, 8, 9A, 9B and 10 at the email id: [email protected] latest by September 05, 2018. In subject line of the email, please state: “Comments on Para 7A / Comments on Para 7B / Comments on Para 7C / Comments on Para 7D / Comments on Para 8 / Comments on Para 9 / Comments on Para 10A / Comments on Para 10B”.

URL: http://ibbi.gov.in/webadmin/pdf/whatsnew/2018/Aug/IPA%20Governance%20_2018-08-14%2012:42:51.pdf


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