TaxTMI 
TaxTMI 
Measures for facilitating efficient conduct of the processes by the Insolvency Professionals
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....All Recognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses) Dear Madam/ Sir, Subject: Measures for facilitating efficient conduct of the processes by the Insolvency Professionals An Insolvency Professional (IP) assumes different roles and performs various functions under the Insolvency and Bankruptcy Code, 2....
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....ation and costs, etc. 3. Based on the feedback received from stakeholders and experiences encountered during implementation, it is considered imperative to provide clarity on few areas to facilitate smooth and efficient conduct of the processes. These issues and clarification thereupon have been elaborated in ensuing paragraphs: 3.1. Clarification in relation to rendering professional servic....
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....(CIRP Regulations) provides for mandatory contents of the resolution plan inter alia including its implementation schedule, management, and control of the business of the CD during its term and adequate means for supervising its implementation. 3.1.4. In several instances, it is observed that the Adjudicating Authority (AA) approves the resolution plan with provisions for constitution of implem....
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....by IP from professionals 3.2.1. Clause 25C of Code of Conduct specified in First Schedule to IP Regulations stipulates that an IP shall ensure that the IPE or the professional engaged by it raises bills or invoices in their own name towards their fees, and such fees shall be paid to them through banking channel. 3.2.2. It is pertinent to note that as per the terms of engagement or the market....