The Insolvency and Bankruptcy Board of India (IBBI)
has recently recognised two Insolvency Professional Entities (IPEs) as
under:
|
S. No
|
Name of IPE
|
Constitution
|
Address
|
|
1
|
IRR Insolvency
Professionals Private Limited
|
Limited Company
|
D-55, Defence
Colony, New Delhi - 110024
|
|
2
|
AAA Insolvency
Professionals LLP
|
Limited Liability
Partnership
|
E-10A, Lower Ground
Floor, Kailash Colony, New Delhi -110048
|
A limited liability partnership, a registered
partnership firm or a company may be recognised by the IBBI
as an IPE if (a) a majority of the partners of the limited liability
partnership or registered partnership firm are registered as insolvency
professionals (IPs); or (b) a majority of the whole-time directors of the
company are registered as insolvency professionals, as the case may be. An IPE
is jointly and severally liable for all acts or omissions of its partners or
directors as IPs committed during such partnership or directorship.
The Insolvency Professionals (IPs) are registered
and regulated by the IBBI. They have a critical role in transactions under the
Insolvency and Bankruptcy Code, 2016 (Code). The Code and regulations made
there under provide for strengthening their capacity on a continuous basis. For
example, the Insolvency Professional Agencies (IPAs) are obliged to promote
continuous professional development of professional members enrolled with them.
Similarly, the IPs have been enabled to engage other professionals as may be
necessary and to use organisational resources of an IPE of which he is a
partner or whole time director, as the case may be, for servicing the
transactions.
The Insolvency and Bankruptcy Code, 2016 is
considered as the biggest economic reform next only to GST. It offers a market
determined, time bound mechanism for orderly resolution of insolvency, wherever
possible, and orderly exit, wherever required. The Code envisages an ecosystem
comprising National Company Law Appellate Tribunal (NCLAT), National Company Law
Tribunal (NCLT), Debt Recovery Appellate Tribunal (DRAT), Debt Recovery
Tribunal (DRT), Insolvency and Bankruptcy Board of India (Board), Information
Utilities (IUs), Insolvency Professionals (IPs), Insolvency Professional
Agencies (IPAs) and Insolvency Professional Entities (IPEs) for implementation
of the Code. With concerted efforts of all concerned, there has been
considerable progress in terms of putting in place some of the key elements of
the ecosystem and also operationalisation of provisions relating to corporate
insolvency resolution and liquidation. The debtors and creditors alike have
commenced transactions under the Code.
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DSM/VKS