<h1>IBBI Recognizes Two New Insolvency Professional Entities Under Insolvency and Bankruptcy Code 2016.</h1> The Insolvency and Bankruptcy Board of India (IBBI) has recognized two Insolvency Professional Entities (IPEs) under the Insolvency and Bankruptcy Code, 2016. These entities, IRR Insolvency Professionals Private Limited and AAA Insolvency Professionals LLP, are based in New Delhi. The Code provides a structured mechanism for resolving insolvency and facilitating exits when necessary. IPEs are liable for their partners' or directors' actions and are integral to the insolvency process. The Code, considered a significant economic reform, involves various tribunals and agencies to ensure effective implementation. Progress has been made in establishing the necessary ecosystem for corporate insolvency resolution and liquidation.