TaxTMI 
TaxTMI 
Measures for rationalisation of the regulatory framework of Insolvency Professional Entities
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....ll Registered Insolvency Professional Agencies (By mail to registered email addresses) Dear Madam/ Sir, Subject: Measures for rationalisation of the regulatory framework of Insolvency Professional Entities In order to enhance the efficiency of the insolvency resolution processes, in September 2022, the insolvency professional entities (IPEs), which can be a company, limited liability partnersh....
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....on to disciplinary proceedings in case of an IP which is an IPE 3.1.1. Sections 217 to 220 of Chapter VI of the Insolvency and Bankruptcy Code, 2016 (Code) read with the IBBI (Insolvency Professionals) Regulations, 2016 (IP Regulations), IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017 and IBBI (Inspection and Investigation) Regulations, 2017 provide the process of grievance, c....
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.... act on behalf of it for the respective assignment; and/or (b) the IPE if in the opinion of the Board, there are either repeated instances of contravention against one or more partners or directors of the IPE or instance of systemic failure on the part of such IPE. 3.2. Clarification on applicability of limit on number of Assignments to an IP which is an IPE 3.2.1. Clause 22 of Code of Conduct....
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....ee structure and a performance-linked incentive fee for the IPs in a corporate insolvency resolution process (CIRP). This provision has been envisaged for IPs who are individuals. 3.3.2. With the introduction of provisions allowing IPE to act as IP, it is considered prudent that IPEs have an expanded role, and their fee should be market-determined at this juncture. Also, given their institutional....