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The insolvency regulator has proposed restricting the number of assignments handled by an insolvency professional (IP) to five, saying a few of them are handling too many assignments under the IBC.
The Insolvency and Bankruptcy Board of India (IBBI) has floated a discussion paper seeking comments from the industry, by July 25, on this matter, “given the expansive and intense responsibilities of an IP in corporate processes”.
“The restriction will put a check on undesirable instances of delay and disturbance to the processes led by IPs,” the discussion paper said. IBBI has devised a matrix to decide the number of assignments an
