The Insolvency and Bankruptcy Board of India (IBBI) has introduced fresh guidelines for empanelment of insolvency professionals to streamline and speed up appointments in corporate insolvency and bankruptcy proceedings, PTI reported.The revised framework lays down procedures for preparing a panel of insolvency professionals (IPs) who can serve as Interim Resolution Professionals (IRPs), Resolution Professionals (RPs), liquidators and Bankruptcy Trustees (BTs).According to a circular issued on Monday, applicants seeking empanelment should not be under suspension or debarment and must not be facing any pending disciplinary proceedings. They are also required to disclose 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 for inclusion in the panel.Once consent is provided, IPs will not be allowed to decline assignments unless permitted by the National Company Law Tribunal (NCLT), Debt Recovery Tribunal (DRT) or the IBBI.“Any refusal to act as IRP, liquidator, RP or BT, as the case may be, on being appointed by the AA, without sufficient justification, will be treated as a deviation from consent and the name will be removed from the panel for six months,” the regulator said.To improve sector-specific handling of insolvency matters, IBBI has also directed professionals to disclose industries where they are handling or have handled assignments under the Insolvency and Bankruptcy Code (IBC).Eligible insolvency professionals can submit their expression of interest for empanelment until June 19, 2026, while the final list will be sent to adjudicating authorities by June 30, 2026.
