BEST PRACTICES FOR INSOLVENCY RESOLUTION PROFESSIONAL

The Insolvency Professional (“IP”) registered with the Insolvency and Bankruptcy Board of India (IBBI) appointed in the resolution process and to act on behalf of such an insolvent individual, companies, LLPs or partnerships. National Company Law Tribunal while admitting the application of Corporate Insolvency Resolution Process appoints an independent Insolvency Professional as the custodian of the assets of the Corporate Debtor (“CD”) and to manages the affairs as a going concern.