Newsletters

IBC | Legislative Alert | IBBI’s clarifies on fees of Resolution Professionals

Jan2018

Corporate & Commercial

In an important clarificatory circular (available here) issued by the Insolvency and Bankruptcy Board of India (“IBBI”), dated 16 January 2018, it has clarified that :

  • Fees to reflect work. An insolvency professional shall render services for a fee which is a reasonable reflection of his work, raise bills / invoices in his name towards such fees, and such fees shall be paid to his bank account.
  • Exclusion from the insolvency resolution process cost. Any payment of fees for the services of an insolvency professional, to any person other than the insolvency professional, shall not form part of the insolvency resolution process cost.
  • Payment to external agencies. Any other professional appointed by an insolvency professional shall raise bills / invoices in his / its (such as registered valuer) name towards such fees, and such fees shall be paid to his / its bank account.

Please feel free to reach us for views / questions / queries at ibcupdate@elp-in.com.

Related Articles

Newsletters International Trade & Customs Practice

IBC | Legislative Alert | IBBI’s... 23 August 2018

At the recently concluded 11th World Trade Organization...

Newsletters Competition Law & Policy

ELP Competition Law & Policy Update 5 October 2018

The third quarter of 2018 (July – September) witnessed...

Newsletters Litigation, Arbitration & Dispute Resolution

ELP Dispute Resolution Update 23 August 2018

This update focuses on the Supreme Court’s ruling in...

Newsletters Tax

ELP Tax Alert: Supreme Court upholds... 23 August 2018

Recently, the Supreme Court in the case of Maxopp...