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

Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2025

27-May-2025 | NA

The Insolvency and Bankruptcy Board of India (IBBI) has issued the Insolvency Professionals to Act as Interim Resolution Professionals, Liquidators, Resolution Professionals, and Bankruptcy Trustees (Recommendation) Guidelines, 2025, effective from July 1, 2025.

According to these guidelines, the Board is required to recommend the name of an Insolvency Professional (IP) upon receiving a reference from the National Company Law Tribunal (NCLT) for their appointment as an Interim Resolution Professional (IRP), Resolution Professional (RP), Liquidator, or Bankruptcy Trustee.

Key highlights of the guidelines are as follows:
a) The regulations outline the eligibility criteria for IPs.
b) The Board will invite expressions of interest from IPs through Form A.
c) A common panel of eligible IPs will be prepared by the Board for appointments as IRP, Liquidator, RP, and BT, and this panel will be shared with the Adjudicating Authority (AA).
d) Eligible IPs included in the panel will be sorted based on the volume of their ongoing assignments.

The Insolvency Professionals to Act as Interim Resolution Professionals, Liquidators, Resolution Professionals, and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2024, issued on December 2, 2024, has been repealed with the implementation of these new guidelines.

For more information, please refer to the attached document.

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