TMI BlogMeasures for rationalisation of the regulatory framework of Insolvency Professional EntitiesX X X X Extracts X X X X X X X X Extracts X X X X ..... als All Recognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses) Dear Madam/ Sir, Subject: Measures for rationalisation of the regulatory framework of Insolvency Professional Entities In order to enhance the efficiency of the insolvency resolution processes, in September 2022, the insolvency professional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve been elaborated in ensuing paragraphs: 3.1. Clarification in relation to disciplinary proceedings in case of an IP which is an IPE 3.1.1. Sections 217 to 220 of Chapter VI of the Insolvency and Bankruptcy Code, 2016 (Code) read with the IBBI (Insolvency Professionals) Regulations, 2016 (IP Regulations), IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017 and IBB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to: (a) its partner or director, as the case may be, who is an IP and was authorised to sign and act on behalf of it for the respective assignment; and/or (b) the IPE if in the opinion of the Board, there are either repeated instances of contravention against one or more partners or directors of the IPE or instance of systemic failure on the part of such IPE. 3.2. Clarification on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) stipulates the minimum fixed fee structure and a performance-linked incentive fee for the IPs in a corporate insolvency resolution process (CIRP). This provision has been envisaged for IPs who are individuals. 3.3.2. With the introduction of provisions allowing IPE to act as IP, it is considered ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
