REGULATORY UPDATE: MINISTRY OF CORPORATE AFFAIRS-INSOLVENCY PROFESSIONAL NOT TO OUTSOURCE HIS RESPONSIBILITIES.

The Insolvency and Bankruptcy Board of India (IBBI) vide its circular dated 3 January 2018 has directed that the Insolvency Professional shall not outsource any of his duties and responsibilities to a third party and shall not require any certificate from another person certifying eligibility of a resolution applicant as this adds to the cost of the resolution applicant and delays submission of the resolution plans. The IBBI has further clarified that in order to seek assistance in carrying out his responsibilities under the Code, it allows an Insolvency Professional to appoint accountants, legal or other professionals, as may be necessary. The IBBI circular also clarifies that an Insolvency Professional is required to manage the operations of the corporate debtor as a going concern. Source:http://ibbi.gov.in/webadmin/pdf/legalframwork/2018/Jan/CIRP%203_2018-01-03%2018:42:38.pdf  

Similar Articles

Sometimes talking gives solution

Contact us for more information about our services and how we can help

Contact
Disclaimer

As per the rules of the Bar Council of India, we are not permitted to advertise or solicit work. By accessing and browsing through this website, all users agree and acknowledge that the content of this website is for informational purposes only and that there has been no form of solicitation, advertisement or inducement by NovoJuris Legal or its members, in any form. No information provided on this website should be construed as legal advice and NovoJuris Legal shall not be liable for consequences of any action taken by relying on the information provided on this website.