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The circular issued by the Insolvency and Bankruptcy Board of India (IBBI) on 1st February 2024, referenced as No. IBBI/IP/65/2024, addresses several key measures aimed at facilitating efficient conduct of insolvency processes by Insolvency Professionals (IPs). It focuses on clarifying aspects related to the roles and functions of IPs under the Insolvency and Bankruptcy Code 2016, including the appointment of professionals, adherence to a Code of Conduct, and billing or invoicing practices for services availed by IPs. Key issues discussed include:
Professional Service Rendering by IPs: The circular clarifies that IPs may provide professional services related to the implementation of resolution plans approved by the Adjudicating Authority, with the condition that such services are detailed in the resolution plan.
Compliance Regarding Billing/Invoicing: It specifies that invoices for services availed by IPs can be raised in the name of the individual professional, the Insolvency Professional Entity (IPE), or the firm where the professional is a partner, ensuring compliance with the Code of Conduct.
This circular is a step towards refining the regulatory framework for insolvency professionals, aiming to enhance transparency, efficiency, and accountability in the insolvency resolution process. It impacts stakeholders by providing clear guidelines on professional engagements and financial transactions, contributing to the overall integrity and effectiveness of insolvency proceedings.
Full Text:
Professional services by insolvency professionals may be provided under approved resolution plans, with billing permitted in professional or entity name. The circular permits Insolvency Professionals to render services tied to implementation of approved resolution plans only if those services are specified in the resolution plan, and confirms invoices for services may be issued in the name of the individual professional, the Insolvency Professional Entity, or the firm where the professional is a partner, subject to compliance with the Code of Conduct. of Press 'Enter' after typing page number.
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