Insolvency and Bankruptcy Board of India (IBBI) is in the process of registering nearly 100 more Insolvency Professionals (IP), whole time member, IBBI, Navrang Saini said today. “As of now we have over 940 IPs registered with IBBI. And we are in the process of registering about 100. It is a continuous process, whenever we receive an application we carry out due diligence. And based that the registration may be granted,” Saini told reporters on the sidelines of a seminar, organised by Assocham here.
The primary objective of an IP is to find a resolution plan. The professionals can act in two ways – interim resolution professionals and resolution professionals. Saini said the IBBI has received three application for registering as Information Utility (IU), which act as repository of financial information to help verify defaults. “We have granted in-principle approval to two of the applicants. We are in the process of examining the third one,” he said.
To a query, he said the Ministry of Corporate Affairs is in the process of finalising the regulations for Registered Valuers and they are expected to be announced soon. Earlier, in his address, Saini said IBBI has been at the forefront in building capacity, educating, market and proactively supporting the implementation of of the IBBI Code.