Bankruptcy: IBBI asks IPs to disclose their relationship with parties

After closely monitoring the functioning of insolvency professionals (IPs) over the last one year, the Insolvency and Bankruptcy Board of India (IBBI) has started streamlining their functioning. Through a series of circulars, the regulator has asked IPs to disclose their relationship with the parties associated with their respective case, be it the financial creditor or the debtor company. It has also issued directions regarding the functions that can be outsourced by an IP while discharging his/her duty.
 
Some IPs feel that the IBBI is trying to micro-manage by laying down  communication norms.
 
The regulator, on the other hand,