Bankruptcy code: Know the new world of insolvency professionals

Those who don the IP hat are usually chartered accountants or business managers

Insolvency professionals (IPs) are the new kid in town — in great demand particularly after the RBI asked banks to recover their bad debts on 12 large accounts through the new route. It is estimated that there are around 500 registered IPs in the country since the enactment of the Insolvency and Bankruptcy Code in May 2016. About 12 insolvency services agencies have come up in the past six months.
 

Those who don the IP hat are usually chartered accountants, cost accountants, company secretaries, lawyers, or business managers. However, one has to clear a regulator-mandated (Insolvency & Bankruptcy Board of