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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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s of clause (a) and clause (c) of section 34(4), the AA may direct the Board under section 34(5) of the Code to propose the name of another IP to be appointed as a liquidator. The Board is required under section 34(6) to propose the name of another IP along with written consent from him within ten days of the direction issued by the AA under section 34(5). Guidelines 3. When a reference or direction is received under section 16 or 34 of the Code from the AA for recommending / proposing the name .....

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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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urisdiction; (c) he expresses his interest to be included in the Panel for the relevant period; and (d) he undertakes to discharge the responsibility as IRP or Liquidator, as he may be appointed by the AA. 8. An IP will be included in the Panel against the Bench under whose jurisdiction his registered office (his address as registered with the Board) is located. For example, an IP located in Kolkata will be included in Panel against the Kolkata Bench of the AA. The areas covered in respect of di .....

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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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IRP or Liquidator, as the case may be, on being appointed by the AA, shall not be included in the Panel for the next five years, without prejudice to any other action that may be taken by the Board. Ongoing Assignments 12. The eligible IPs will be included in the Panel in order of the volume of ongoing processes they have in hand. The IP who has the lowest volume of ongoing processes will get a score of 100 and will be at the top of the Panel. The IP who has the highest volume of ongoing proces .....

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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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ng against the IP? (Give details) Declaration: I hereby: - a. confirm and declare that the information given herein above is true and correct to the best of my knowledge and belief and express my interest to act as IRP or Liquidator, as the case may be, if appointed by the Adjudicating Authority. b. undertake that if my name is included in the Panel, I shall abide by the Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) (Second) Guidelines, 2018 .....

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