Insolvency professionals fear maltreatment as law fails to protect them

To be an IP one has to pass the Limited Insolvency Examination

 

Even as the Insolvency and Bankruptcy Board of India (IBBI)  taken up a few cases, insolvency professionals (IP) still fear the law (Insolvency and Bankruptcy Code) does not provide fool-proof protection to them. 

Although there is a provision in the section 233 of the Code that no suit, prosecution or other legal proceeding shall lie against the insolvency professional, liquidator and other officials of IBBI for anything which is done in good faith under the Code, professionals feel that it is too hard to prove that a particular act was done in a good faith. 

Nilesh Sharma from