Who Is Insolvency Resolution Professional PPT - PowerPoint PPT Presentation

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Who Is Insolvency Resolution Professional PPT

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Insolvency resolution process can only be conducted by experienced individuals. These individuals are known as Insolvency professionals. Appointed by the corporate debtor, these professionals conduct the entire process in a streamlined fashion. – PowerPoint PPT presentation

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Title: Who Is Insolvency Resolution Professional PPT


1
Insolvency Professional
Understanding the meaning behind these
professionals
2
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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3
Role Of Insolvency Professional
4
  • Activity of Insolvency Resolution Professional

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5
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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8
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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10
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
12
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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13
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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