Insolvency professionals face a test

The expiry of registration comes at a time when insolvency activity is picking up briskly

The new insolvency regime has completed six months. Everything seems to have happened in a jiffy. Close to a hundred cases have been filed. And, the big ones are likely to hit the National Company Law Tribunal this week.
 

The completion of six months of the regime is also underlined by another event. Over 950 insolvency professionals would see their registrations lapse this week. These were special limited-period early-bird registrations allowed by the Insolvency and Bankruptcy Board of India (IBBI) to kickstart the regime in India.

As a one-time move, the board had allowed senior professionals such as chartered accountants,