IBBI has recommended a panel of Insolvency Professionals for appointment of Insolvency Resolution Professional in compliance with Section 16 (3) (a) of the Code in order to cut delay and the unnecessary time wasted firstly in asking the IBBI to recommend the name and then to appoint such Interim Resolution Professional by the Adjudicating Authority – Innovsource Private Limited Vs. Getit Grocery Private Ltd. – NCLT Principal Bench
January 8, 2018
An application was filed under section 9 of the Code. It did not propose the name of any Insolvency Professional to act as Interim Resolution Professional in application filed under section 9 of the Code. While admitting the application, the Adjudicating Authority held that the Insolvency and Bankruptcy Board of India vide its letter dated 01.01.2018 has recommended a panel of Insolvency Professionals for appointment of Insolvency Resolution Professional in compliance with Section 16 (3) (a) of the Code in order to cut delay. The list of recommended Insolvency Professionals provides instant solution to the Adjudicating Authority to pick up the name and make appointment. It helps in meeting the time line given in the Code and the unnecessary time wasted firstly in asking the Insolvency and Bankruptcy Board of India to recommend the name and then to appoint such Interim Resolution Professional by the Adjudicating Authority.
