News & Media 15th Sep 2022

IBBI bars RPs from accepting or sharing fees with other professionals

Authors

Mukesh Chand Senior Counsel | Mumbai

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In an update by the Insolvency regulator, the Insolvency and Bankruptcy Board of India, two significant changes have been introduced with respect to the fees charged by resolution professionals.

It has been noted that Resolution professionals can’t accept or share any fees with other professionals and service providers which are appointed under the Liquidating process. The second is the introduction of a minimum fixed fee structure that would be linked to the quantum of claims admitted.

BusinessLine has written a detailed article on this, where Economic Laws Practice (ELP) ’s Senior Counsel Mukesh Chand’s views have also been sought.

Read the detailed article here: https://lnkd.in/dNjUmg3h