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Corporate Laws Central Ministry of Law and Justice Insolvency and Bankruptcy Code, 2016

IBBI issues Circular regarding the Intimation to the Board on the appointment of insolvency professional under various processes under the Code

11-Feb-2025 | IBBI/LIQ/82/2025

IBBI has issued circular regarding Intimation to the Board on the appointment of insolvency professional under various processes under the Code, effective from 28th February, 2025

Key Highlights:

1. Assignment Upload Requirement: Insolvency Professionals (IPs) are required to add their assignments to the IBBI's electronic portal upon their appointment. This includes:
- Acting as an Interim Resolution Professional or Resolution Professional under the Corporate Insolvency Resolution Process (CIRP).
- Serving as a Liquidator in the Voluntary Liquidation Process or Liquidation Process.

2. Portal Access: IPs can access the portal after receiving a password from the IBBI, allowing them to proceed with their assigned activities accordingly.

3. Timeline for Assignments:
- Ongoing Cases: For cases initiated before the issuance of this circular, IPs must add their assignments by February 28, 2025.
- New Assignments: For all cases moving forward, IPs are required to add their assignments to the designated system within three (3) days of their appointment.
- Closed Cases: Assignments that have not been added must be completed by March 31, 2025.
- Personal Guarantors: Assignments for personal guarantors must be added by April 30, 2025.

For more information, please refer to the attached document.

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