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IBBI issues new guidelines for speedy appointment of RPs

Business Line  

Insolvency regulator Insolvency and Bankruptcy Board of India (IBBI) has come up with a new approach that will help speed up the appointment of interim resolution professionals (IRP), resolution professionals (RP), or liquidators by the National Company Law Tribunal (NCLT) under various scenarios of the Insolvency and Bankruptcy Code (IBC). The IBBI's new guidelines provide for preparation of a common panel of qualified IRP, RP, and liquidators from which the adjudicating authority (AA) can readily select and make appointments. The NCLT or a debt recovery tribunal (DRT) as the AA would be able to appoint a resolution professional without having to make reference to the IBBI and wait for its recommendation. The guidelines are effective from January 1, 2022, for inclusion in a panel till June 30, 2022.