IBBI to set up IP panel for faster appointments from July to December

The new zone-wise panel of insolvency professionals will be valid from July 1 to December 31, 2025, aimed at reducing delays in NCLT and DRT appointments

In order to avoid administrative delays in appointment of insolvency professionals, the Insolvency and Bankruptcy Board of India (IBBI) will prepare a common panel for professionals to be appointed as resolution professionals (RPs), liquidators and share it with the National Company Law Tribunal (NCLT).

 

The IBBI is required to recommend the name of an Insolvency Professional (IP) upon receiving a reference from the NCLT or the Debt Recovery Tribunal (DRT).

 

The insolvency regulator has issued guidelines for IPs to be included in the panel including eligibility criteria such as no disciplinary proceeding, valid letter of authorisation for assignment among others.

 

The panel of IPs, with a validity of six months, will be effective from 1 July to 31 December, 2025.

 

The panel will have a zone-wise and bench-wise list for individual IPs based on the registered office. 

 

The eligible IPs included in the panel will be sorted based on the volume of their ongoing assignments. “To effectively achieve the objectives of the code, it is essential to consider Insolvency Professionals who are currently handling assignments related to liquidation and corporate insolvency resolution processes under the code,” IBBI said in its guidelines.

 

Where two or more IPs get the same score, they will be placed in the panel in the order of date of their registration with the board, the insolvency regulator said.

 

The guidelines also state that the professionals will not withdraw their consent or refuse to accept the appointment unless otherwise permitted by the NCLT or DRT or IBBI.

 

If the IP refuses an appointment without justification, then the IBBI would treat it as a deviation from consent and remove the name from the panel for six months.

 

IBBI, however, may appoint an IP from outside the panel as well if directed to do so by the adjudicating authority.