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RECOMMENDATION OF INSOLVENCY PROFESSIONAL BY THE INSOLVENCY AND BANKRUPTCY BOARD TO THE ADJUDICATING AUTHORITY

Corporate Laws / Banking / SEBI - By: - Mr. M. GOVINDARAJAN - Dated:- 6-10-2017 - Introduction The insolvency resolution process is mainly undertaken by the insolvency resolution professional. The insolvency resolution professional may act- Interim resolution professional; Resolution professional in Corporate insolvency resolution process as well as fast track corporate insolvency process. He may also act as an liquidator in the voluntary liquidation process and liquidation process on the order .....

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shall direct the Insolvency and Bankruptcy Board to recommend the name of a person who is in the panel maintained by the Board. On recommendation of the Board, the Adjudicating Authority shall appoint such person as resolution professional. Reference by Adjudicating Authority to the Board Section 16 of the Code provides the procedure for appointment and tenure of interim resolution professional. The Adjudicating Authority shall appoint an interim resolution professional within 14 days from the .....

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ncy resolution professional to the Adjudicating Authority against whom no disciplinary proceeding is pending. Guidelines A guideline has been issued enabling the board to select a person and recommend to the Adjudicating Authority for the appointment of the interim resolution professional. The following are the methods involved in selection of a person for this purpose- Identification of Insolvency Professional An insolvency professional may be recommended to act as an Insolvency Resolution Prof .....

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nal in response to invitation of interest by the Board. Determination of vicinity The insolvency professional is to be located, as per his address registered with the Board, in one of the vicinities for the regions as detailed below- Vicinity for Metro Region - Chennai, Delhi, Kolkata and Mumbai; Vicinity for Northern Region - Punjab, Himachal Pradesh, Haryana, Chandirgarh and Jammu & Kashmir, Rajasthan, Uttar Pradesh and Uttarakhand; Vicinity for Western Region - Gujarat, Daman & Diu an .....

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ail to insolvency professionals, who are located in the vicinity of registered office of the corporate debtor; The expression of interest must be received by the Board in Form A within 24 hours of invitation of expression of Interest; Expression of interest The expression of interest is to be given in Form A. The following information is to be furnished in the said form- Name of the Insolvency Professional; Registration number; Address and contact details, as registered with the Board such as e- .....

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ive details); Whether any disciplinary proceeding is pending against him? (details to be given); Whether he fulfills the eligibility criteria under Regulation 3 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 or applicable regulations in respect of corporate debtor? Whether he is located, as per his address registered with the Board, in the vicinity of the corporate debtor? Fees (All inclusive fees excluding out of pocket expenses required by him) If the decla .....

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disciplinary proceedings pending against him; and is eligible under regulation 3 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations,2016 or applicable regulations, as per his declaration. Selection of insolvency professional The Board shall recommend the name of an insolvency professional ( IP for short) on the basis of the following two criteria- He does not have too many ongoing arrangements under the code; and He has quoted a lower fee.The Board shall keep the fee .....

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