valid as on 15/08/2019

IBC Section 208-Functions and obligations of insolvency professionals.
Font in blue effective from 15.11.2016

(1) Where any insolvency resolution, fresh start, liquidation or bankruptcy process has been initiated, it shall be the function of an insolvency professional to take such actions as may be necessary, in the following matters, namely:—

(a) a fresh start order process under Chapter II of Part III;

(b) individual insolvency resolution process under Chapter III of Part III;

(c) corporate insolvency resolution process under Chapter II of Part II;

(d) individual bankruptcy process under Chapter IV of Part III; and

(e) liquidation of a corporate debtor firm under Chapter III of Part II.

(2) Every insolvency professional shall abide by the following code of conduct:—

to take reasonable care and diligence while performing his duties;

(b) to comply with all requirements and terms and conditions specified in the bye-laws of the insolvency professional agency of which he is a member;

(c) to allow the insolvency professional agency to inspect his records;

(d) of every proceeding before the Adjudicating Authority to the Board as well as to the insolvency professional agency of which he is a member; and

(e) to  in such manner and subject to such conditions 

 

Refer Circular on Fee and other Expenses incurred for Corporate Insolvency Resolution Process dated 12.06.2018. To view the circular,Click Here
Refer Circular on Filing of Forms for the purpose of monitoring corporate insolvency resolution processes and performance of insolvency professionals dated 14.08.2019. To view the circular,Click Here
The Insolvency Professional and other professionals appointed by Insolvency Professional shall charge fees for the duties performed in transparent manner as specified, vide circular No. IP/004/2018 dated 16.01.2018. To view the Circular, Click Here
It is provided that the Insolvency professional shall: 1. Use Registration Number and Registered Address in all his communications. 2. Ensure compliance with provisions of the applicable laws and 3. Not outsource his responsibilities , vide circular No. IP/001/2018, No. IP/002/2018 and No. IP/003/2018 respectively dated 03.01.2018.

The Insolvency Professional and other professionals appointed by Insolvency Professional shall disclose their relationship to the Insolvency Professional Agency vide circular No. IP/005/2018 dated 16.01.2018. To view the Circular, Click Here

IBC-Enforcement Notification [S.O.3453(E)] dated 15/11/2016


Circular No. IP/001/2018 dated 03.01.2018


Circular No. IP/002/2018 dated 03.01.2018


Circular No. IP/003/2018 dated 03.01.2018


Circular No. IP/004/2018 dated 16.01.2018


Circular No. IP/005/2018 dated 16.01.2018


IBBI Circular on Fee and other Expenses incurred for Corporate Insolvency Resolution Process No. IBBI/IP/013/2018 dated 12/06/2018


CAIRR PLUS on Google Playsecretarial automation?Subscribe for Updates