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Corporate Laws Central Ministry of Finance Insolvency and Bankruptcy Code, 2016

Measures for facilitating efficient conduct of the processes by the Insolvency Professionals

01-Feb-2024 | No. IBBI/IP/65/2024

IBBI has issued Measures for facilitating efficient conduct of the processes by the Insolvency Professionals.

By virtue of this notification following clarifications has been issued:-

1.Clarification in relation to rendering professional service by an IP in implementation of the resolution plan approved by the Adjudicating Authority that An IP may render professional service in relation to implementation of resolution plan approved by the AA, provided details of such service are mentioned in the resolution plan approved by the AA.

2. Clarification on compliance regarding billing / invoicing for services availed by IP from professionals that for the purposes of clause 25C of Code of Conduct specified in First Schedule to IP Regulations, the bill or invoice may be raised in the name of the IPE or the professional or the firm in which such professional is a partner.

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