New insolvency framework marches with army of 600 IPs

Agencies under ICAI, ICSI see brisk registration in the first month

Around 600 senior executives have registered to operate as insolvency professionals (IPs) under the new bankruptcy code, in just a month’s time.

This first set of professionals, who will have to qualify in an online 'Limited Insolvency Exam', will implement the new code on the ground.

IPs are the frontline executives, who will take over the affairs of a company once the corporate insolvency process kicks in. They will report to a committee of creditors, which will replace the board of directors once the National Company Law Tribunal (NCLT) clears the application.

In the initial stage, the Insolvency and Bankruptcy