top of page
Search

Insolvency Professionals – An IBC Pillar Whose Systemic Support Needs Upgradation

Insolvency Professionals form a crucial pillar on which the entire edifice of the insolvency resolution process rests. During CIRP, the management of the Corporate Debtor is vested with the IRP/RP, who then stands in the position of the board of directors of the Corporate Debtor. Undoubtedly, this is an onerous task, but there is sheer lack of systemic support to the IP and the so-called pillar faces multitude of problems at ground level when he commences this task. It is incomprehensible that the IP is expected to fend for himself from the very inception of CIRP proceedings.

The Article suggests additional powers need to be given to the IRPs/RPs to augment their support system and has provided few suggestions on the same.

An IP cannot be perceived as a toothless tiger who is remote-controlled by the AA at all times. The objective should be to allow IPs to function with adequate freedom and support systems without compromising on the overall control to be exercised by the AA.


Insolvency Professionals – An IBC Pillar Whose Systemic Support Needs Upgradation
.pdf
Download PDF • 219KB

7 views0 comments

Recent Posts

See All

In the backdrop of the recent releases of Public Consultation Documents by the OECD on Amount B under Pillar One and Tax Certainty for the GloBE Rules under Pillar Two, it is expected that a common st

The recent verdicts under the IBC of different benches of the Supreme Court are at variance with each other, as observed in the case of Rainbow Papers Ltd , where the Apex Court's verdict leads to an

Post: Blog2_Post
bottom of page