Insolvency professional not to outsource his responsibilities

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....ncies (By mail to registered email addresses and on web site of the IBBI) Dear Madam / Sir, Sub: Insolvency professional not to outsource his responsibilities. The Insolvency and Bankruptcy Code, 2016 (Code) read with regulations made thereunder cast specific duties and responsibilities on an insolvency professional. An insolvency professional is required to perform certain tasks under....

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....person to the effect that they are eligible to be resolution applicants. This requirement amounts to outsourcing responsibilities of an insolvency professional to another person. Further, this adds to cost of the resolution applicant and delays submission of resolution plans. The Code read with regulations do not envisage such a certification from a third person. 3. It is hereby directed that a....