On March 19, 2021, in New Delhi, the Insolvency and Bankruptcy Board of India (IBBI) in association with the British High Commission has prepared and released a publication titled “Handbook on Ethics for Insolvency Professionals: Ethical and Regulatory Framework”, a practical guide for insolvency professionals(IPs) for discharging their duties ethically.
- Dr. Navrang Saini, Whole Time Member, IBBI released the handbook in the presence of Ms. Natalie Toms, Chief Economist and Counsellor, British High Commission.
- The launch was followed by the webinar on “Pre-Pack Insolvency Resolution Process: Report of the Sub-Committee of the ILC”.
About the Handbook:
- It is based on inputs on the best practices followed by insolvency practitioners in the UK.
- It aims to stimulate the highest standards of ethics and professionalism among IPs.
- The book is in line with the ground realities of the Indian insolvency ecosystem and is expected to serve as a practical guide for IPs in discharging their duties ethically and effectively.
- Insolvency: It is a situation where individuals or companies are unable to repay their outstanding debt.
- Insolvency Code: In order to resolve the insolvencies Insolvency and Bankruptcy Code, 2016 (IBC) the bankruptcy law of India for insolvency and bankruptcy is formed.
- Insolvency Regulator: The Code establishes the Insolvency and Bankruptcy Board of India(IBBI), as an insolvency regulator to oversee the insolvency proceedings in the country and regulate the entities registered under it.
- The Government had constituted a sub-committee of the Insolvency Law Committee (ILC) on 24th June 2020 under the chairmanship of Dr. M. S. Sahoo to make a recommendation on the pre-pack insolvency resolution process (PPIRP).
Recent Related News:
In August 2020, IBBI amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 by Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2020.
About Insolvency and Bankruptcy Board of India (IBBI):
Establishment – 1st October 2016
Headquarters – New Delhi
Chairperson – M.S. Sahoo