Cracking the whip: Panel puts resolution professionals under the scanner

Govt feels enough checks and balances in place; experts say there's need for audit and regulator

From lack of experience and sectoral expertise to absence of a single independent regulator, the universe of resolution professionals (RPs) has come under the scanner. While some of these issues have been raised by the standing committee in its recent report, government sources insist that there are already enough checks and balances in place for RPs. Experts, however, feel that a peer review or audit and a single regulator might help bring uniformity of approach to the profession. 

Currently, multiple insolvency professional agencies (IPAs) along with the Insolvency and Bankruptcy Board of India (IBBI) oversee the functioning of the insolvency