Who Is Insolvency Resolution Professional PPT

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Insolvency Professional
Understanding the meaning behind these
professionals
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Who Is Insolvency Professional?

• Insolvency professional is the individual
  appointed by the corporate debtors to conduct the
  insolvency resolution process.
• Note Insolvency resolution process is the
  proceeding to deal with the insolvency and
  bankruptcy of a corporate debtor.

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Role Of Insolvency Professional
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• Activity of Insolvency Resolution Professional

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Eligibility Criteria of an Insolvency Resolution
Professional

1. The professional should be above the age of 18
2. The professional should be from India
3. There should be no convictions against the
   professional
4. The professional should not be insolvent
5. The professional should be of a sound character
   and mind.

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Meaning Of No Convictions against the Professional

1. The professional shouldnt have committed any
   offence that caused him/her to go to jail for
   more than 6 months
2. The professional should not have committed any
   offence of moral nature
3. After expiry of the sentence, the professional
   cannot apply to be IP for 5 years.

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Meaning of Professional Should Be Of Sound
Character and Mind

1. Insolvency professional should be free from
   convictions
2. Insolvency professional should have character,
   integrity and reputation.
3. Insolvency professional should be competent in
   financial insolvency matters.

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Types of Professionals That Can Be Insolvency
Resolution Professionals

1. A Chartered Accountant.
2. A Company secretary.
3. An Advocate.
4. A Cost Accountant.

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Qualification of the Insolvency Professional
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• Professional Experience 15 years in
  business/financial management.
• Exam to pass Limited Insolvency examination.

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Code of Conduct of Insolvency Resolution
Professionals

• They should display a high degree of integrity
• They should display a large degree of objectivity
• They should act independently and should not be
  biased
• They should have professional competence
• They should not engage fraudulent practices
• They should provide the details on time

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Code of Conduct of Insolvency Resolution
Professionals (Continued)

• The professionals should properly management
  information
• The professionals should adhere to the rules of
  IBBI
• The professionals should keep the insolvency
  resolution proceedings confidential.
• They should accept too many assignments.
• They should not engage with employment unless
  that have left the previous IPA.

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Note IPA refers to Insolvency professional
Association
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Features of Well-Functioning Insolvency
Professionals

1. They enable the courts with right information.
2. They do not engage with fraudulent practices.
3. They ensure timeliness in their work.
4. They ensure that Insolvency resolutions
   proceedings are effective.
5. They can act as a liquidator when asked.

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Contact Us
Phone Number 91-8882-580-580 Email
support_at_registrationwala.com Website
https//www.registrationwala.com/knowledge-base/in
solvency/bankruptcy/appointing-an-insolvency-resol
ution-professional-under-ibc
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