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of <h1>IBBI Circular: Insolvency Professionals Must Independently Handle Duties, Prohibits Outsourcing u/ss 196 and 208 of the Code.</h1> The Insolvency and Bankruptcy Board of India issued a circular on January 3, 2018, directing insolvency professionals not to outsource their responsibilities under the Insolvency and Bankruptcy Code, 2016. The circular emphasizes that insolvency professionals must independently perform their duties, such as managing corporate debtor operations and evaluating resolution plans, without requiring third-party certifications of resolution applicants' eligibility. Outsourcing these responsibilities can increase costs and delay the resolution process. The directive is issued under sections 196 and 208 of the Code, reinforcing the prohibition of outsourcing professional duties.
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