Professional service by insolvency professionals permitted for resolution plan implementation when expressly specified in the approved plan. An IP may render professional services for implementation of an approved resolution plan only if such services are specified in the resolution plan. Bills or invoices for professionals engaged by the IP may be raised in the name of the insolvency professional entity, the individual professional, or the firm in which the professional is a partner, and fees must be paid through banking channels; these clarifications are issued under the Board's statutory powers.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Professional service by insolvency professionals permitted for resolution plan implementation when expressly specified in the approved plan.
An IP may render professional services for implementation of an approved resolution plan only if such services are specified in the resolution plan. Bills or invoices for professionals engaged by the IP may be raised in the name of the insolvency professional entity, the individual professional, or the firm in which the professional is a partner, and fees must be paid through banking channels; these clarifications are issued under the Board's statutory powers.
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