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TMI BlogDisclosures by Insolvency Professionals and other Professionals appointed by Insolvency Professionals conducting Resolution ProcessesX X X X Extracts X X X X X X X X Extracts X X X X ..... by Insolvency Professionals conducting Resolution Processes. The Insolvency and Bankruptcy Code, 2016 read with regulations made thereunder provide for appointment of an insolvency professional [(Interim Resolution Professional (IRP) / Resolution Professional (RP)] to conduct the resolution process (Corporate Insolvency Resolution Process and the Fast Track Process) and discharge other duties. These authorise the Insolvency Professional to appoint registered valuers, accountants, legal and other professionals to assist him in discharge of his duties in resolution process. 2. In the interest of transparency, it has been decided that an insolvency professional and every other professional appointed by the insolvency ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relationship with any of the above comes to notice or arises subsequently of such notice or arising. 4. An insolvency professional shall ensure disclosure of the relationship, if any, of the other professional(s) engaged by him with (i) himself, (ii) the Corporate Debtor, (iii) Financial Creditor(s), (iv) Interim Finance Provider(s), and (v) Prospective Resolution Applicant(s) to the Insolvency Professional Agency of which he is a member, within the time specified as under: Relationship of the other Professional(s) with Disclosure to be made within three days of The Insolvency P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Where the Insolvency Professional or the Other Professional, as the case may be, has derived 5% or more of his / its gross revenue in a year from professional services to the related party. B Where the Insolvency Professional or the Other Professional, as the case may be, is a Shareholder, Director, Key Managerial Personnel or Partner of the related party. C Where a relative (Spouse, Parents, Parents of Spouse, Sibling of Self and Spouse, and Children) of the Insolvency Professional or the Other Professional, as the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... res by him and the other Professionals appointed by him. Any wrong disclosure and delayed disclosure shall attract action against the Insolvency Professional and the other Professional as per the provisions of the law. 10. This circular is issued in exercise of powers under section 196 read with sections 204 and 208 of the Insolvency and Bankruptcy Code, 2016, in consultation with the Insolvency Professional Agencies. Yours faithfully, -Sd- (I. Sreekara Rao) Deputy General Manager Email: [email protected] Annexure A Disclosures by the Insolvency Professionals and other Professionals appointed by the Insolvency Professionals conducting Reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... NA A Advocate NA Any other Professiona l (Write kind of Profession) NA ..... X X X X Extracts X X X X X X X X Extracts X X X X
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