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of <h1>IBBI Issues Guidelines on Fees and Expenses for Corporate Insolvency Resolution Process; Emphasizes Reasonability and CoC Approval.</h1> The circular issued by the Insolvency and Bankruptcy Board of India (IBBI) outlines guidelines for managing fees and expenses during the Corporate Insolvency Resolution Process (CIRP). Insolvency Professionals (IPs) must ensure that all fees and expenses are reasonable, directly related to the CIRP, and approved by the Committee of Creditors (CoC) where necessary. Records of all expenses must be maintained for three years, and all payments should be made through banking channels. The circular also specifies what costs are included in the insolvency resolution process cost (IRPC) and mandates disclosures to the Insolvency Professional Agency.
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