The Insolvency and Bankruptcy Board of India (“IBBI”) has clarified on the nature of services that can be provided by an insolvency professional entity (“IPE”) and insolvency professionals (“IP”), vide its circular dated 6 July 2018 (available here). As per the circular:
IPEs to provide services to only IPs
Only IPs can provided services of IPs and IPE cannot act as an IP
In view of the aforementioned clarifications, given the role of an IPE, the IPEs are directed to refrain from seeking empanelment with or joining any panel of any market participant.
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