Registered valuer requirement ensures insolvency valuations are undertaken only by valuers registered under the Companies valuation rules.
The Circular directs that valuations required under the Insolvency and Bankruptcy Code and its regulations must be performed by valuers registered with the IBBI under the Companies (Registered Valuers and Valuation) Rules, 2017; insolvency professionals shall not appoint any person other than a registered valuer to conduct such valuations. It notes IBBI's role in examinations, recognition of Registered Valuer Organisations, registration of valuers, and references a transitional arrangement for pre existing valuers to complete ongoing assignments.

Voting rights in the committee of creditors depend on admitted claims; non-members have no voting or dissent status.
The Code and Regulations provide that only financial creditors whose claims have been admitted by the Interim Resolution Professional and included as members of the Committee of Creditors possess voting rights; voting shares are assigned based on admitted claims, inclusion after constitution does not invalidate prior CoC decisions, and non-members cannot be treated as having voted against or abstained from voting.

IPE notification obligations: timely reporting of director or partner cessations and joinings ensures continued recognition compliance.
IPE recognition is conditional on continued satisfaction of eligibility requirements and prompt notification to the Board when an insolvency professional ceases to be, or joins as, a director or partner. Notifications must be made within seven days using the Annexure format by the authorised signatory from the IPE's registered email; retrospective unreported changes must be submitted forthwith. Failure to comply may invite appropriate action including withdrawal of recognition.

Competent creditor representation required: insolvency practitioners must ensure committee members can take immediate binding decisions.
Resolution professionals must include in every notice and communication to financial creditors a mandatory requirement that representatives attending Committee of Creditors meetings be authorised and competent to take binding decisions on the spot, without deferring decisions for want of internal approvals, to prevent delays and value depletion in the insolvency resolution process.

Authorised representative mechanism ensures creditor classes select a nominee to collect voting instructions and cast class votes in insolvency.
The Code and regulation 16A establish a procedural mechanism whereby, if a creditor class meets the threshold, the interim or resolution professional offers three insolvency professionals; creditors indicate their preferred nominee and the nominee with the highest number of selections becomes the authorised representative, who collects voting instructions, attends CoC meetings and casts the class vote in accordance with those instructions, and the resolution professional must facilitate this electronic choice process for unrepresented classes irrespective of process stage.

Insolvency Professional Entity restrictions: IPEs may only support their partner professionals and must not seek empanelment.
An Insolvency Professional Entity (IPE) may only provide support services to its partner or director insolvency professionals and cannot act as an insolvency professional or provide services to other persons. Because IPEs are neither enrolled members of an Insolvency Professional Agency nor registered with the Insolvency and Bankruptcy regulatory board, they are prohibited from seeking empanelment with or joining panels of market participants.

Insolvency resolution process costs must be reasonable, necessary to CIRP, disclosed and CoC approved when required.
Insolvency professionals must ensure fees and expenses in CIRP are reasonable, necessary to the process, and determined at arm's length; maintain contemporaneous records and supporting documentation for at least three years; obtain CoC approval where required; disclose itemised IRPC in prescribed Forms; and ensure only costs permitted under the Code and regulations are included in insolvency resolution process costs, with Insolvency Professional Agencies required to publish and monitor disclosures and report non-compliance to the Board.

Eligibility for registered valuer: only qualified, exam passed RVO members may be recommended for registration; online filing required.
An individual is eligible for registration as a valuer only if they are a fit and proper person, meet the prescribed qualification and experience requirements, are a valuer member of a recognised RVO, have completed the recognised educational course, have passed the Authority's valuation examination for the relevant asset class, and are recommended by the RVO. Recognised RVOs must admit only individuals meeting the specified qualifications and experience and recommend for registration only those who have completed the course and passed the valuation examination; applications in Form A or Form B must be submitted to the Board and will be accepted online as notified.

Disciplinary proceeding pending bars an insolvency professional from accepting new insolvency or liquidation assignments until disposal.
A disciplinary proceeding begins when the Board issues a show cause notice and ends when the disciplinary committee disposes of that notice by a reasoned order; during that period the proceeding is deemed pending against the insolvency professional. An insolvency professional who has been issued a show cause notice shall not accept any fresh assignment as interim resolution professional, resolution professional, liquidator, or bankruptcy trustee until disposal of the notice.

Pre-registration educational course requirement: IPAs must deliver prescribed insolvency professional training with practical tasks for registration eligibility.
The Board prescribes a pre-registration educational course under regulation 5(b) requiring IPAs to deliver a structured curriculum across specified modules-covering reforms, drafting and filing for CIRP, forms and regulations, IRP/RP duties, claims, CoC meetings, appearances, avoidance transactions, moratorium, fees, information memorandum, resolution plan processes, liquidation, disciplinary aspects, governance and management-totaling not less than fifty hours, deliverable in classroom or MOOC formats with practical tasks, and subject to Board review.

Insolvency professional agencies must submit and display an annual compliance certificate detailing governance, monitoring and disciplinary disclosures.
IPAs must submit and publicly display an Annual Compliance Certificate in a prescribed format, including a detailed Annexure requiring itemised disclosures on member admission and eligibility, monitoring of professional standards, governance and committee composition, infrastructure and financial thresholds, grievance redressal, disciplinary outcomes, publication of bye laws and member performance, and verification that the certificate was placed before the IPA's Board; partial non compliance must be remedied by dates indicated.

Confidentiality obligations require insolvency professionals to restrict information sharing unless consent or legal requirement permits.
Insolvency professionals must keep all information related to insolvency processes confidential and not disclose or provide access to unauthorized persons. Resolution applicants may be given access to relevant information only if they undertake to comply with confidentiality and insider trading laws, to protect any intellectual property of the corporate debtor, and not to share the information with third parties unless those conditions are met.

Conflict of Interest disclosures required for insolvency professionals ensure transparency and trigger agency publication and compliance measures.
Insolvency professionals and professionals they appoint must disclose relationships with the corporate debtor, other professionals, financial creditors, interim finance providers and prospective resolution applicants to their Insolvency Professional Agency within specified trigger-based timelines, generally three days of the triggering event or when a relationship later arises. "Relationship" covers four categories (including deriving 5%+ revenue, office-holding or partner status, close-relative links, and aggregated partner/director relationships) within three years. Agencies must facilitate and publish disclosures promptly; the insolvency professional must confirm arm's length appointments. Non-compliance or wrong disclosures attract legal action.

Fees for insolvency professionals must be transparent and invoiced in the professional's name, paid into their bank account.
Fees payable to an insolvency professional are part of the insolvency resolution process cost and must be transparent, reasonable, and disclosed to those fixing remuneration. Insolvency professionals and other professionals they appoint must raise invoices in their own names and receive payment into their bank accounts; payments to any person other than the professional do not form part of the insolvency resolution process cost.

Outsourcing prohibition by insolvency professionals bans requiring third-party eligibility certificates for resolution applicants under the Code.
An insolvency professional is prohibited from outsourcing statutory duties under the Code; engaging assistants is permitted for support but does not transfer responsibility, and an insolvency professional shall not require third party certificates certifying a resolution applicant's eligibility.

Insolvency professional duty: ensure compliance with applicable laws; personal liability for non-compliance not recoverable as insolvency costs.
An insolvency professional acting as Interim Resolution Professional, Resolution Professional or Liquidator must exercise reasonable care and diligence and take necessary steps to ensure the corporate person undergoing insolvency or liquidation complies with all applicable laws; losses or penalties arising from non-compliance shall not form part of insolvency resolution or liquidation process costs, and the insolvency professional will be held responsible for non-compliance caused by their conduct.

Registered address and registration number requirement: insolvency professionals must use registered contact details in all communications.
Insolvency professionals must prominently state their registered name, address, email and registration number, and the capacity in which they are communicating, in all communications; they may add a process-specific address and email so long as those are additional to the registered details and are maintained for at least six months after conclusion of their role.