Insolvency regulator IBBI proposes to revisit the policy of allowing only individuals to be registered as insolvency professionals. It now plans to widen the category of persons to also allow entities (company, limited liability partnerships, registered partnership firms) to get enrolled, registered and act as an insolvency professional.
Against this background, Shailesh Poria, Partner at Economic Laws Practice (ELP) has been quoted by BusinessLine in their article titled ‘Insolvency regulator IBBI proposes to enable entities to become insolvency professional’. He says, “IBBI proposes to permit juristic persons to be enrolled as insolvency professionals given that in several large corporates insolvencies, the individuals appointed as IRP’s seek support services from insolvency Professional Entities, Process Advisors, etc.”
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