Companies can now register themselves as insolvency professionals

Insolvency professional entities (IPEs) can now register themselves as insolvency professionals and perform all their functions, including managing operations of a company undergoing insolvency proceedings, according to the latest amendment by the Insolvency and Bankruptcy Board of India (IBBI). 

Earlier, the regulations only allowed the IPEs to provide support services to insolvency professionals.

“IPEs usually have corporate governance and risk-management structures in place and may not face such limitations due to their institutionalised nature,” said Pritika Kumar, founder, Cornellia Chambers. 

The move will revive a business, and individuals serving as insolvency professionals might be met with limitations while dealing with