ARTO0670 - Taxpublishers.in

SUBSCRIBE FOR FULL CONTENT


The Tax Publishers Insolvency and Bankruptcy Code, 2016 Insolvency Professionals--An innovative Career There comes new opportunity for professionals, with the arrival of Insolvency and Bankruptcy Code, 2016 and relevant amendments as per Companies Act, 2013, to act as Insolvency Professional consultancy with regard to insolvency or liquidation matters in accordance with the Code. Pragya Lalwani 1. Preliminary The Insolvency and Bankruptcy Code, 2016 has been enacted to consolidate and amend laws relating to reorganization and insolvency resolution of persons including corporates, individuals and firms to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. Part IV of this Code provides for the establishment of Insolvency and Bankruptcy Board of India. The Board is empowered to frame regulations regarding insolvency and bankruptcy. Recently, it has notified Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 which came to effect from 29-11-2016.--vide Notification dt. 23-11-2016, [ADVT.-III/4/Exty./ 314/16(482)]. These regulations provide for registration, regulation and supervision of Insolvency Professionals under the code. 2. Insolvency Professional (IP) Insolvency Professionals are the persons who are to be regulated by the Insolvency and Bankruptcy Board of India and their role is to conduct the insolvency or liquidation proceedings of individuals, corporates and partnership firms. They will act as mediators in getting insolvency related matters resolved. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Insolvency and Bankruptcy Code, 2016

Insolvency Professionals--An innovative Career

There comes new opportunity for professionals, with the arrival of Insolvency and Bankruptcy Code, 2016 and relevant amendments as per Companies Act, 2013, to act as Insolvency Professional consultancy with regard to insolvency or liquidation matters in accordance with the Code.

Pragya Lalwani

1. Preliminary

The Insolvency and Bankruptcy Code, 2016 has been enacted to consolidate and amend laws relating to reorganization and insolvency resolution of persons including corporates, individuals and firms to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. Part IV of this Code provides for the establishment of Insolvency and Bankruptcy Board of India. The Board is empowered to frame regulations regarding insolvency and bankruptcy. Recently, it has notified Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 which came to effect from 29-11-2016.--vide Notification dt. 23-11-2016, [ADVT.-III/4/Exty./ 314/16(482)]. These regulations provide for registration, regulation and supervision of Insolvency Professionals under the code.

2. Insolvency Professional (IP)

Insolvency Professionals are the persons who are to be regulated by the Insolvency and Bankruptcy Board of India and their role is to conduct the insolvency or liquidation proceedings of individuals, corporates and partnership firms. They will act as mediators in getting insolvency related matters resolved.