The Insolvency and Bankruptcy Board of India (IBBI) has introduced new guidelines for empanelment of insolvency professionals to streamline and speed up appointments in corporate insolvency and bankruptcy proceedings, PTI reported.The revised framework sets out the procedures for creating a panel of insolvency professionals (IPs) who can serve as Interim Resolution Professionals (IRPs), Resolution Professionals (RPs), Liquidators and Insolvency Trustees (BTs).According to a circular issued on Monday, applicants seeking to join the panel should not be subject to suspension or bar and should not be facing any pending disciplinary proceedings. They will also have to state whether they have been convicted by any court during the last three years.Under the new framework, insolvency professionals will have to submit an expression of interest to join the panel.Once consent is provided, the IP will not be allowed to reject the assignment unless permission is granted by the National Company Law Tribunal (NCLT), Debt Recovery Tribunal (DRT) or IBBI.“Refusal to act as IRP, Liquidator, RP or BT, as the case may be, when appointed by an AA, without adequate justification will be considered a deviation from consent and the name will be removed from the panel for six months,” the regulator said.To improve sector-specific management of insolvency cases, IBBI has also directed professionals to disclose the industries where they are handling or have handled assignments under the Insolvency and Bankruptcy Code (IBC).Eligible insolvency professionals can submit their expressions of interest for empanelment by June 19, 2026, while the final list will be sent to the adjudicating authorities by June 30, 2026.
