Resolution Professionals (RPs) were asked by the Insolvency and Bankruptcy Board of India (IBBI), to share copies of their reports on insolvency applications with creditors and debtors of the companies concerned.
About Resolution Professionals:
- An Insolvency Professional (IP) designated to oversee the corporate insolvency resolution process is referred to as an RP under the IBC.
- An IP chosen by the adjudicator oversees the entire insolvency and bankruptcy process.
About IBBI:
- The IBBI is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
- It was established in 2016 and given statutory powers through the Insolvency and Bankruptcy Code.
- It is headquartered in New Delhi.
- It covers Individuals, Companies, Limited Liability Partnerships and Partnership firms.
Composition:
- A Chairperson.
- Three members from the Central Government, not below the rank of a Joint Secretary, representing:
- Ministry of Finance.
- Ministry of Corporate Affairs.
- Ministry of Law (all ex-officio).
- One member nominated by the Reserve Bank of India (RBI), ex-officio.
- Five other members nominated by the Central Government, with at least three being whole-time members.
- The term for the Chairperson and members (excluding ex-officio members) is five years or until they reach the age of sixty-five, whichever comes first.
- Eligible for re-appointment.
Functions:
- Oversight over insolvency professional agencies, entities, professionals, and information utilities.
- Governs corporate insolvency resolution, individual insolvency resolution, corporate liquidation, and individual bankruptcy under the Insolvency and Bankruptcy Code (IBC).
- Set minimum eligibility requirements for the registration of insolvency professional agencies, insolvency professionals, and information utilities.
- Defines curriculum for the qualifying examination for insolvency professionals.
- Collects and maintains records of insolvency and bankruptcy cases.
- Disseminate information related to such cases.
Ref: Source
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