The process of insolvency resolution is quite a difficult task. Therefore, the ones who conduct this process are experienced professionals known as Insolvency professionals. It is them that manage the information about the company and create an insolvency resolution plan.

1. Insolvency Professional
Understanding the meaning behind these professionals

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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.
Who Is Insolvency Professional?

3. They provide specialized services for insolvency resolution
process.01
They tap into information utility to obtain the information about
the insolvency debtor.02
They formulate the insolvency resolution plan.03
They act as an agent for the corporate debtor in the NCLT.04
Role Of Insolvency Professional

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1. Identification of the Non performing assets of the companies
2. Management of the non performing/stressed assets of the companies
3. Taking the control of the business relations of the companies
4. Preparation of the insolvency Resolution plan
5. Presenting the plan in front of the committee of creditors.
Activity of Insolvency Resolution Professional

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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.
Eligibility Criteria of an Insolvency Resolution
Professional

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1. The professional shouldn’t 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.
Meaning Of No Convictions against the
Professional

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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.
Meaning of Professional Should Be Of Sound
Character and Mind

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1. A Chartered Accountant.
2. A Company secretary.
3. An Advocate.
4. A Cost Accountant.
Types of Professionals That Can Be Insolvency
Resolution Professionals

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

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• 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
Code of Conduct of Insolvency Resolution
Professionals

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• 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.
Note: IPA refers to Insolvency professional Association
Code of Conduct of Insolvency Resolution
Professionals (Continued)

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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.
Features of Well-Functioning Insolvency
Professionals

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