IBBI Issues Final List Of Insolvency Professionals For 2023

The Insolvency & Bankruptcy Board of India (IBBI) released the final list of insolvency professionals (IPs) for the 1 January to 30 June 2023 period.

There are a total of 892 IPs and 10 insolvency professional entities (IPEs), according to the insolvency regulator’s final list.

The maximum number of IPs are from New Delhi zone (205), followed by Mumbai zone (143), Kolkata zone (88), Chennai zone (83) and Chandigarh zone (82), the list showed.

The IBBI is required under the Insolvency and Bankruptcy Code (IBC) 2016 to recommend the name of an IP for appointment as an interim resolution professional (IRP), liquidator, resolution professional (RP), or bankruptcy trustee (BT), as the case may be.

The list serves as a reference point for the appointment of IPs and IPEs under the IBC as:

• IRP in a corporate insolvency resolution process (CIRP) under section 16(4)

• Liquidator in a liquidation process under section 34(6)

• RP in an individual insolvency resolution process under section 97(4) or 98(3).

• BT under section 125(4), 146(3) or 147(3)

The list is divided into 15 zones: Ahmedabad, Allahabad, Amravati, Bengaluru, Chandigarh, Chennai, Cuttack, Guwahati, Hyderabad, Indore, Jaipur, Kochi, Kolkata, Mumbai and New Delhi.

IPs and IPEs having registered office in these zones are eligible for appointment by the benches of the National Company Law Tribunal (NCLT) and Debts Recovery Tribunal (DRT) located in these areas.

The final list of IPs is prepared in accordance with the ‘Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines 2022 for appointment as an IRP, liquidator, RP, and BT.