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Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) (Second) Guidelines, 2018

Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) (Second) Guidelines, 2018 - News and Press Release - Dated:- 1-12-2018 - Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) (Second) Guidelines, 2018 30th November, 2018 Provisions in the Insolvency and Bankruptcy Code, 2016 Section 16(3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a refer .....

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are pending. 2. Section 34(4) of the Code requires the AA to replace the resolution professional, if (a) the resolution plan submitted by the resolution professional under section 30 was rejected for failure to meet the requirements mentioned in sub-section (2) of section 30; (b) the Board recommends the replacement of a resolution professional to the AA for reasons to be recorded in writing; or (c) the resolution professional fails to submit written consent under section 34(1). For the purpose .....

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of an IP, the Board has no information about the volume, nature and complexity of the CIRP or Liquidation Process and the resources available at the disposal of an IP. In such a situation, the Board is unlikely to add much value by recommending an IP for a CIRP / Liquidation. In fact, the bill titled The Insolvency and Bankruptcy Code, 2015 , as introduced in Lok Sabha, provided that the Board shall recommend the name of an IP who has the relevant expertise for various processes under the Code. .....

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the recommended IP. The process of appointment of an IRP or Liquidator may entail 2-3 weeks, which could be saved if the AA has a ready panel of IPs recommended by the Board and it can pick up any name from the Panel while issuing the Order. 5. Given that every IP is equally qualified to be appointed as the IRP/Liquidator of any CIRP/Liquidation, if otherwise not disqualified, and in the interest of avoiding administrative delays, it is necessary to have guidelines to prepare a Panel of IPs for .....

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replace the earlier Panel every six months. For example, the first panel under these Guidelines will be valid for appointments during January - June, 2019, the next panel will be valid for June - December, 2019, and so on. 7. An IP will be eligible to be in the Panel of IPs if - (a) there is no disciplinary proceeding, whether initiated by the Board or the IPA of which he is a member, pending against him; (b) he has not been convicted at any time in the last three years by a court of competent j .....

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fferent Benches of the AA are as under: Benches at Area covered New Delhi 1. Union territory of Delhi Ahmedabad 1. State of Gujarat 2. State of Madhya Pradesh 3. Union territory of Dadra and Nagar Haveli 4. Union territory of Daman and Diu Allahabad 1. State of Uttar Pradesh 2. State of Uttarakhand Bengaluru 1. State of Karnataka Chandigarh 1. State of Himachal Pradesh 2. State of Jammu and Kashmir 3. State of Punjab 4. Union territory of Chandigarh 5. State of Haryana Chennai 1. State of Tamil .....

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weep Mumbai 1. State of Chhattisgarh 2. State of Goa 3. State of Maharashtra Expression of Interest 9. The Board shall invite expression of interest from IPs in Form A to act as an IRP or Liquidator by sending an e-mail to IPs at their email addresses registered with the Board. The expression of interest must be received by the Board in Form A by the specified date. For example, the Board shall invite expression of interest by 7th December, 2018 from IPs for inclusion in the Panel for January - .....

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IPA during the validity of the Panel. 11. It must be explicitly understood that: (a) the AA may require the Board to recommend an IP from or outside the Panel and in such cases, the Board shall accordingly recommend an IP; (b) an IP in the Panel can be appointed as IRP or as Liquidator, at the sole discretion of the AA; (c) the submission of expression of interest is an unconditional consent by the IP to act as an IRP or Liquidator, for any corporate debtor; and (d) an IP who declines to act as .....

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ses will get a score of 0. The difference between the highest volume and the lowest volume will be equated to 100 and other IPs will get scores between 0 and 100 depending on volume of their ongoing assignments. Take an example: IP Volume of ongoing assignments Difference between the highest volume and the volume of ongoing assignments of the IP Formula Score 1 20 100 100 /100 *100 100 2 40 80 80 / 100 * 100 80 3 60 60 60 / 100 * 100 60 4 80 40 40 / 100 * 100 40 5 100 20 20 / 100 * 100 20 6 120 .....

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istered earlier will be placed above the IP registered later. 15. The above process will be undertaken by a team of officers of the Board, as may be identified by a Whole-Time Member. Review 16. These guidelines will be reviewed by the Board from time to time. 17. These Guidelines shall come into effect for appointments as IRPs and Liquidators with effect from 1st January, 2019. 18. These Guidelines replace the Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (R .....

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