Strengthening due diligence under Section 29A

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....ofessional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses and on the website of the IBBI) Subject: Strengthening due diligence under Section 29A- reg. The Insolvency and Bankruptcy Code, 2016 (Code/ IBC) and Regulations made thereunder cast various duties on the Resolution Professional (RP) to ensure transparency during corporate insolve....

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....39: PRA must submit an affidavit with the resolution plan confirming eligibility. • Regulation 36A(8): RP must carry out due diligence to verify that PRAs comply with Section 29A. • Compliance Certificate - Form H: RP must confirm that the affidavit is in order and attach a Due Diligence Certificate. 3. Due diligence with respect to section 29A compliance is paramount ....