With the phasing out of the SICA, the Government is all set to usher in the new Insolvency & Bankruptcy Code (Code). Several parts of the Code are gradually being notified in a phased manner, and the insolvency resolution process is now in place.
In November, the rules relating to Insolvency Professionals (IPs) and Insolvency Professional Agencies (IPAs) were notified.
The three IPAs that have been registered so far are, the Indian Institute of Insolvency Professionals of ICAI, the ICSI Insolvency Professionals Agency and the Insolvency Professional Agency of ICAI, which are entities registered under Section 8 of the Companies Act, 2013.
In total, twenty-one IPs have also been registered.
Founding partners at Dhir & Dhir Associates, Alok Dhir & Manisha Dhir, along with partners Sandeep Kumar Gupta and Nilesh Sharma have also become certified IPs under the Code.
In our earlier article, we had mentioned about uncertainty that exists regarding the notification of the relevant ‘insolvency resolution process’ provisions.
These regulations are substantive guidelines which outline how a corporate insolvency resolution process can be triggered, what constitutes proof of claim, the governance of the committee of creditors, and the power of the insolvency professional, amongst other things.
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