The transition from a fragmented legal system to a unified Insolvency and Bankruptcy Code 2016 (IBC) is marked by challenges to implement it effectively and expeditiously. Efforts are underway to streamline the common practices under one law. One of the critical pillar of this Code is the vesting of entire management and operations of the company undergoing insolvency process to an Insolvency Professional (IP), whose position is considered to be most significant in insolvency proceedings. These professionals are duly licensed by insolvency professional agencies (IPAs) and Insolvency and Bankruptcy Board of India (IBBI), who will perform the roles of interim resolution professional (IRP)/ resolution professional (RP)/liquidator in the insolvency, resolution and bankruptcy process as defined under the Code. Their responsibilities have expanded manifold to include expertise in finance, law, management and business administration. Read More