The Insolvency and Bankruptcy Board of India (IBBI) today notified regulations for liquidation process whereby an insolvency professional is barred from acting as a liquidator unless that individual is independent of the corporate debtor concerned. The regulations come into force with immediate effect.
IBBI, set up under the Insolvency and Bankruptcy Code, seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate person, partnership firms and individuals in a time-bound manner. As per the norms, a liquidator should ordinarily sell the assets through auctions and private sale would be allowed only if the asset is perishable.
Among others, Advocates, Chartered Accountants, Company Secretaries and Cost Accountants with 15 years of experience in their respective fields can serve as insolvency professionals.
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