 "insolvency")
The Insolvency and Bankruptcy Board of India’s (IBBI’s) latest circular to codify the norms for insolvency professionals would ensure stricter governance and transparency, industry experts said.
IBBI has consolidated changes to the principal regulations – which mandated insolvency professional agencies (IPAs) to submit annual compliance certificates, specify the list of contraventions by insolvency professionals and the amount of penalty to be imposed by IPAs -- in one circular.
“Model Bye-Laws and Governing Board of Insolvency Professional Agencies Regulations, 2016 and its recent amendments are a great step towards a more regulated IBC process,” Nishant Singh, partner, Luthra & Luthra Law
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