Apply Early, Stay Compliant: AFA Renewal for December 2026 and Its Impact on NCLT Empanelment The renewal of the Authorisation for Assignment is a critical requirement for Insolvency Professionals to continue accepting and undertaking assignments under the Insolvency and Bankruptcy Code. With the amendments to the IIIPI Byelaws effective from January 29, 2025, the AFA …
Recent Amendments to the Insolvency and Bankruptcy Code, 2016: What Insolvency Professionals Need to Know The Insolvency and Bankruptcy Code, 2016 (IBC) has transformed India’s insolvency regime by promoting time-bound resolution, value maximization, and creditor confidence. Over the last decade, the Code has evolved through judicial interpretations, regulatory refinements, and legislative interventions. The enactment of …
Can Income Tax Attach a Resolution Professional’s Personal Bank Account Under the IBC? Based on the facts stated by you, the attachment of the personal bank account of Mr. XXX merely because he is acting as resolution professional (RP) of ABC Pvt. Ltd. appears legally questionable and prima facie unsustainable unless the Income Tax Department …
Appointment and Role of the Interim Resolution Professional under the IBC Code, 2016 Introduction The world of business can be unpredictable. Sometimes, companies face financial troubles that make it hard for them to pay their debts. In India, the Insolvency and Bankruptcy Code, 2016 (IBC) was introduced to address such challenges in a fair, transparent, …
Procedure of Member’s Voluntary Winding Up under the Companies Act, 1956 A Members’ Voluntary Winding Up is a mode of voluntary liquidation initiated by the members (shareholders) of a solvent company — that is, a company capable of paying its debts in full within a specified period. This procedure is governed by Sections 484 to …
Common Issues on Monitoring & Peer Review for Insolvency Professionals (IPs) Monitoring and peer review are key tools adopted by the Insolvency and Bankruptcy Board of India and Insolvency Professional Agencies to ensure compliance, transparency, and professional conduct by Insolvency Professionals. Common issues observed in Monitoring & Peer Review of Insolvency Professionals are identified Based …
IBBI Regulation 40B Filing of Forms Reporting Requirements: Structured Timelines & Penalties Introduced The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2025, which come into effect from 1st June 2025, introduce a revamped Regulation 40B that significantly enhances reporting, accountability, and timeliness in the Corporate Insolvency Resolution Process (CIRP). …
IIIPI Advisory for IIIPI Members on Fulfilling CPE Hours Requirement The Indian Institute of Insolvency Professionals of ICAI advises its members to comply with the Continuing Professional Education requirements prescribed by the Insolvency and Bankruptcy Board of India to maintain their professional competency and eligibility. IIIPI emphasizes the importance of proactive planning to meet CPE …
Challenges being faced by IPs or in the executions of IBC laws Insolvency Professional, Including all major stakeholders in IBC viz Regulators, GOI , Judiciary and IPs are in the know of all the challenges being faced by IPs or in the executions of IBC laws . It sounds like Insolvency Professional are expressing frustration …
IBBI issued a discussion paper for Reducing Compliance by Review of CIRP Forms The Insolvency and Bankruptcy Board of India (IBBI), following the guidance from the Financial Stability and Development Council (FSDC) in its 27th meeting on May 8, 2023, has initiated steps to streamline the compliance requirements for Insolvency Professionals (IPs) under the Corporate …