{"id":22668,"date":"2022-07-29T19:14:42","date_gmt":"2022-07-29T13:44:42","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=22668"},"modified":"2022-09-15T17:27:36","modified_gmt":"2022-09-15T11:57:36","slug":"role-duties-responsibilities-of-ip-under-ibc","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/role-duties-responsibilities-of-ip-under-ibc\/","title":{"rendered":"Role, Duties &#038; responsibilities of IP under IBC"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e23a0f1bec5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e23a0f1bec5\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/role-duties-responsibilities-of-ip-under-ibc\/#Duties_and_responsibilities_of_Insolvency_Professional_under_the_IBC\" title=\"Duties and responsibilities of Insolvency Professional under the IBC\">Duties and responsibilities of Insolvency Professional under the IBC<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/role-duties-responsibilities-of-ip-under-ibc\/#Framework_Corporate_Governance_Ethics_for_Insolvency_Professionals_Under_the_IBC_law\" title=\"Framework Corporate Governance &amp; Ethics for Insolvency Professionals Under the IBC law \">Framework Corporate Governance &amp; Ethics for Insolvency Professionals Under the IBC law <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/role-duties-responsibilities-of-ip-under-ibc\/#Objects_of_IBC\" title=\"Objects of IBC\">Objects of IBC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/role-duties-responsibilities-of-ip-under-ibc\/#The_Four_Pillars\" title=\"The Four Pillars\">The Four Pillars<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/role-duties-responsibilities-of-ip-under-ibc\/#IBBI_to_provide_model_bye-laws\" title=\"IBBI to provide model bye-laws\">IBBI to provide model bye-laws<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/role-duties-responsibilities-of-ip-under-ibc\/#Overview_%E2%80%93_Key_Provisions_under_the_IBC_Code\" title=\"Overview &#8211; Key Provisions under the IBC Code\">Overview &#8211; Key Provisions under the IBC Code<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/role-duties-responsibilities-of-ip-under-ibc\/#2082_Every_insolvency_professional_shall_abide_by_the_following_code_of_conduct_%E2%80%93\" title=\"208(2) Every insolvency professional shall abide by the following code of conduct: \u2013\">208(2) Every insolvency professional shall abide by the following code of conduct: \u2013<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/role-duties-responsibilities-of-ip-under-ibc\/#Roles_for_Insolvency_Professional_under_the_IBC\" title=\"Roles for Insolvency Professional under the IBC\">Roles for Insolvency Professional under the IBC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/role-duties-responsibilities-of-ip-under-ibc\/#Key_Responsibilities_of_IRP_IP_under_the_IBC\" title=\"Key Responsibilities of IRP\/ IP under the IBC\">Key Responsibilities of IRP\/ IP under the IBC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/role-duties-responsibilities-of-ip-under-ibc\/#Functions_and_Authority_of_Insolvency_Professional_under_the_IBC\" title=\"Functions and Authority of Insolvency Professional under the IBC\">Functions and Authority of Insolvency Professional under the IBC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/role-duties-responsibilities-of-ip-under-ibc\/#5_Fundamental_Principles_of_Ethics_for_Insolvency_Professional\" title=\"5 Fundamental Principles of Ethics for Insolvency Professional:\">5 Fundamental Principles of Ethics for Insolvency Professional:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/role-duties-responsibilities-of-ip-under-ibc\/#Insolvency_Professional_the_FULCLUM\" title=\"Insolvency Professional the FULCLUM\">Insolvency Professional the FULCLUM<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/role-duties-responsibilities-of-ip-under-ibc\/#Protection_for_Insolvency_Professional_under_IBC_law\" title=\"Protection for Insolvency Professional under IBC law \">Protection for Insolvency Professional under IBC law <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/role-duties-responsibilities-of-ip-under-ibc\/#Key_Issues_Insolvency_Professional_under_the_IBC_Face\" title=\"Key Issues Insolvency Professional under the IBC Face\">Key Issues Insolvency Professional under the IBC Face<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22670\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Roles-for-Insolvency-Professional-under-the-IBC.jpg\" alt=\"Roles for Insolvency Professional under the IBC\" width=\"1000\" height=\"667\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Roles-for-Insolvency-Professional-under-the-IBC.jpg 1000w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Roles-for-Insolvency-Professional-under-the-IBC-300x200.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Roles-for-Insolvency-Professional-under-the-IBC-768x512.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Roles-for-Insolvency-Professional-under-the-IBC-800x534.jpg 800w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Duties_and_responsibilities_of_Insolvency_Professional_under_the_IBC\"><\/span><span style=\"color: #ff0000;\">Duties and responsibilities of Insolvency Professional under the IBC<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Code of Conduct<\/li>\n<li>Ethics<\/li>\n<li>Professional Standards<\/li>\n<li>Conflict Management<\/li>\n<li>Reporting Mandates<\/li>\n<li>Protection available to IPs (with)ss<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Framework_Corporate_Governance_Ethics_for_Insolvency_Professionals_Under_the_IBC_law\"><\/span><span style=\"color: #000080;\"><strong>Framework Corporate Governance &amp; Ethics for Insolvency Professionals Under the <a href=\"https:\/\/carajput.com\/blog\/liquidation-process-for-cd-under-ibc\/\">IBC<\/a> law <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>IBBI (Insolvency Professional), Regulations 2016<\/li>\n<li>Insolvency and Bankruptcy Code, 2016<\/li>\n<li>IBBI (Grievance and Complaint Handling) Regulations, 2017<\/li>\n<li>The IBBI (Inspection and Investigation) Regulations, 2017<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Objects_of_IBC\"><\/span><span style=\"color: #000080;\"><strong>Objects of IBC<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals<\/p>\n<ul>\n<li>in a time bound manner<\/li>\n<li>for maximization of value of assets<\/li>\n<li>of such persons<\/li>\n<li>to promote entrepreneurship<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"The_Four_Pillars\"><\/span><span style=\"color: #000080;\"><strong>The Four Pillars<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Adjudicating Authority (AA)<\/li>\n<li>Regulator (IBBI)<\/li>\n<li>Information Utility<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"IBBI_to_provide_model_bye-laws\"><\/span><span style=\"color: #000080;\"><strong>IBBI to provide model bye-laws<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol start=\"196\">\n<li><strong> Powers and functions of Board. &#8211;<\/strong><\/li>\n<\/ol>\n<p>(2) The Board may make model bye-laws to be to adopted by insolvency professional agencies which may provide for<\/p>\n<ul>\n<li>(a)\u2026\u2026\u2026;<\/li>\n<li>(b) the standards for professional and ethical conduct of the members of insolvency professional agencies;<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Overview_%E2%80%93_Key_Provisions_under_the_IBC_Code\"><\/span><span style=\"color: #000080;\"><strong>Overview &#8211; Key Provisions under the IBC Code<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong><u> 208(2) <\/u><\/strong>Code of Conduct and Inspection by IPA<\/li>\n<li><strong> 217<\/strong> Complaints against IP, IPA, IU<\/li>\n<li><strong> 218<\/strong> Inspection or Investigation of IP, IPA, IU<\/li>\n<li><strong> 219<\/strong> Show cause notice to IP, IPA, IU<\/li>\n<li><strong> 220<\/strong> Appointment of Disciplinary Committee and powers to impose penalty<\/li>\n<li><strong>70(2)<\/strong>Punishment when IP deliberately contravenes the provisions<\/li>\n<li><strong> 235A<\/strong> Punishment where no specific penalty or punishment is provided<\/li>\n<li><strong> 236<\/strong> Trial of offences by special courts<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"2082_Every_insolvency_professional_shall_abide_by_the_following_code_of_conduct_%E2%80%93\"><\/span><span style=\"color: #000080;\"><strong>208(2) Every insolvency professional shall abide by the following code of conduct:<\/strong> \u2013<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><span style=\"color: #000080;\">insolvency professional <\/span>to take reasonable care and diligence while performing his duties;<\/li>\n<li>He has to comply with all requirements and terms and conditions specified in the byelaws of the insolvency professional agency of which he is a member;<\/li>\n<li>IP needed to allow the insolvency professional agency to inspect his records;<\/li>\n<li>Insolvency professional submit a copy of the records of every proceeding before the Adjudicating Authority to the Board as well as to the insolvency professional agency of which he is a member; and<\/li>\n<li>IP required to perform his functions in such manner and subject to such conditions as may be specified.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Roles_for_Insolvency_Professional_under_the_IBC\"><\/span><span style=\"color: #000080;\"><strong>Roles for Insolvency Professional under the IBC<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-22669\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Duties-and-responsibilities-of-Insolvency-Professional-under-the-IBC.jpg\" alt=\"Duties and responsibilities of Insolvency Professional under the IBC\" width=\"873\" height=\"489\" \/><\/p>\n<ul>\n<li>Interim Resolution Professional (IRP)- Sec 16 (1)<\/li>\n<li>Resolution professional (RP)- Sec, 5 (<em>27<\/em>) and 79 (<em>21<\/em>) for\u00a0\u00a0\u00a0 CIRP or for fresh start and insolvency resolution process for\u00a0 Individuals and Partnership Firms<\/li>\n<li>Liquidator &#8211; Sec 5 (<em>18<\/em>)\u00a0 for Corporate Persons<\/li>\n<li>Bankruptcy Trustee (BT)- Sec 79 (<em>9<\/em>)\u00a0 for Individuals and Partnership Firms<\/li>\n<li>Represent a Financial Creditor if applicant is a Consortium &#8211; Sec 21 (6) (<em>c<\/em>)<\/li>\n<li>They may Represent any member of the committee of creditors -Sec 24 (<em>5)<\/em><\/li>\n<li>Authorised Representative (AR) of a class of Creditors Sec 21 (<em>6) &amp; (6A)<\/em><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Key_Responsibilities_of_IRP_IP_under_the_IBC\"><\/span><span style=\"color: #000080;\"><strong>Key Responsibilities of IRP\/ IP under the IBC<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22672\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Insolvency-Professional-under-IBC.jpg\" alt=\"Insolvency Professional under IBC\" width=\"1076\" height=\"1342\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Insolvency-Professional-under-IBC.jpg 1076w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Insolvency-Professional-under-IBC-241x300.jpg 241w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Insolvency-Professional-under-IBC-821x1024.jpg 821w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Insolvency-Professional-under-IBC-768x958.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/Insolvency-Professional-under-IBC-800x998.jpg 800w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<ul>\n<li>Taking over management control of CD<\/li>\n<li>Verification of claims \u2013 in case large number of creditors \u2013 house buyers, fixed deposits,<\/li>\n<li>Organising CoC Meetings \u2013 e-voting, audio video recording, where large number of members, representatives without decision making power<\/li>\n<li>Arranging Interim finance to keep CD as a Going Concern<\/li>\n<li>Valuation \u2013 Different categories of assets including IPR, inventory and debtors<\/li>\n<li>Preparation of Information Memorandum and RFRP<\/li>\n<li>Expression of Interest and Inviting Resolution Plan<\/li>\n<li>Examine each resolution plan to confirm that it does not contravene any of the provisions of the law for the time being in force.<\/li>\n<li>Disclosures<\/li>\n<li>Reporting to IPA, IBBI, NCLT<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22675\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/IP-Responsibility.jpg\" alt=\"IP Responsibility\" width=\"960\" height=\"540\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/IP-Responsibility.jpg 960w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/IP-Responsibility-300x169.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/IP-Responsibility-768x432.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/IP-Responsibility-800x450.jpg 800w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Functions_and_Authority_of_Insolvency_Professional_under_the_IBC\"><\/span><span style=\"color: #000080;\"><strong>Functions and Authority of Insolvency Professional under the IBC<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>exercises the powers of the board of directors<\/li>\n<li>vested with the management<\/li>\n<li>is custodian of the property<\/li>\n<li>manages the company as a going concern<\/li>\n<li>These responsibilities require the highest level of integrity, reputation and character<\/li>\n<li>IRP shall be responsible for <strong>complying<\/strong> with the <strong>requirements under any law <\/strong>for the time being in force on behalf of the CD. <em>Sec 17(2) (e) <\/em><\/li>\n<li>The IRP shall make every endeavour to <strong>protect and preserve the value<\/strong> of the property of the corporate debtor and manage the operations of the corporate debtor as a going concern. <em>Sec 20(1) <\/em><\/li>\n<li>It shall be the duty of RP to preserve and protect the assets of the CD, including the <strong>continued business operations<\/strong> of the CD. <em>Sec 25(1)<\/em><\/li>\n<li>RP shall not take any of the actions listed in <strong> 28 <\/strong>without the prior approval of the CoC<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"5_Fundamental_Principles_of_Ethics_for_Insolvency_Professional\"><\/span><span style=\"color: #000080;\"><strong>5 Fundamental Principles of Ethics for <\/strong><strong>Insolvency Professional<\/strong><strong>:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong><u>a) Integrity <\/u><\/strong><strong>\u2013 <\/strong>to be straightforward and honest in all professional and business<\/p>\n<p><strong>b) <u>Objectivity<\/u> \u2013 <\/strong>not to compromise professional or business judgments because of bias, conflict of interest or undue influence of others.<\/p>\n<p><strong>c) <u>Professional Competence and Due Care <\/u>\u2013 <\/strong>to:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>Attain and maintain professional knowledge and skill at the level required to ensure that a client or employing organisation receives competent professional service, based on current technical and professional standards and relevant legislation; and<\/li>\n<li>Act diligently and in accordance with applicable technical and professional standards.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p><strong>d) <u>Confidentiality<\/u> <\/strong>\u2013 to respect the confidentiality of information acquired as a result of professional and business relationships.<\/p>\n<p><strong>e) <u>Professional Behaviour <\/u>\u2013 <\/strong>to comply with relevant laws and regulations and avoid any conduct that the IP knows or should know might discredit the profession<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Insolvency_Professional_the_FULCLUM\"><\/span><span style=\"color: #000080;\"><strong>Insolvency Professional<\/strong><strong> the FULCLUM<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22671\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/5-Fundamental-Principles-of-Ethics-for-Insolvency-Professional.png\" alt=\"Fundamental Principles of Ethics for Insolvency Professional\" width=\"936\" height=\"520\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/5-Fundamental-Principles-of-Ethics-for-Insolvency-Professional.png 936w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/5-Fundamental-Principles-of-Ethics-for-Insolvency-Professional-300x167.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/5-Fundamental-Principles-of-Ethics-for-Insolvency-Professional-768x427.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/07\/5-Fundamental-Principles-of-Ethics-for-Insolvency-Professional-800x444.png 800w\" sizes=\"(max-width: 936px) 100vw, 936px\" \/><\/p>\n<ul>\n<li>Adjudicating Authority (AA)<\/li>\n<li>Regulator (IBBI)<\/li>\n<li>Stakeholders<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Protection_for_Insolvency_Professional_under_IBC_law\"><\/span><span style=\"color: #000080;\"><strong>Protection for Insolvency Professional under <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.caindelhiindia.com\/blog\/liquidation-estate-under-ibc\/\">IBC<\/a><\/span> law <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong>19(<em>2<\/em>) <\/strong>Where any personnel of the corporate debtor, its promoter or any other person required to assist or cooperate with the IRP does not assist or cooperate, <strong><u>the IRP may make an application to the Adjudicating Authority for necessary directions<\/u><\/strong>.<\/li>\n<li><strong>Section 233 <\/strong>No suit, prosecution or other legal proceeding shall lie against the Government or any officer of the Government, or the Chairperson, Member, officer or other employee of the Board or an insolvency professional or liquidator for anything <strong><u>which in done or intended to be done in good faith <\/u><\/strong>under this Code or the rules or regulations made thereunder.<\/li>\n<li><strong>236(2) <\/strong>No Court shall take cognizance of any offence punishable under this Act, save on a complaint made by the Board or the Central Government or any person authorised by the Central Government in this behalf.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Key_Issues_Insolvency_Professional_under_the_IBC_Face\"><\/span><span style=\"color: #000080;\"><strong>Key Issues Insolvency Professional under the IBC Face<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Sustainability of IPs &#8211; Fee and Payment of Fee<\/li>\n<li>Appointment and Exit<\/li>\n<li>Approval of CoC<\/li>\n<li>Compliance and reporting mandate<\/li>\n<li>Litigation and non-cooperation<\/li>\n<li>Infrastructure support, technical and operational capability to run large and complex business<\/li>\n<li>Indemnity for Actions taken in good faith<\/li>\n<li>Appointment<\/li>\n<li>Fee<\/li>\n<li>Compliance<\/li>\n<li>Litigation<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Duties and responsibilities of Insolvency Professional under the IBC Code of Conduct Ethics Professional Standards Conflict Management Reporting Mandates Protection available to IPs (with)ss Framework Corporate Governance &amp; Ethics for Insolvency Professionals Under the IBC law IBBI (Insolvency Professional), Regulations 2016 Insolvency and Bankruptcy Code, 2016 IBBI (Grievance and Complaint Handling) Regulations, 2017 The IBBI &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8788],"tags":[5744],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/22668"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=22668"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/22668\/revisions"}],"predecessor-version":[{"id":23251,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/22668\/revisions\/23251"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=22668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=22668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=22668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}