IBBI New Norms for Resolution Professionals

Published on July 25, 2019
Current context: Insolvency and Bankruptcy Board of India (IBBI) tighten norms for resolution professionals with a cap on their age and relative’s involvement.
IBBI New Norms for Resolution Professionals
  • Now, Resolution professionals cannot take up insolvency assignments once they attain the age of 70.
  • From January 1 2020, insolvency professionals are eligible to take up assignments only if they have obtained an ‘Authorisation for Assignment’ from an Insolvency Professional Agency (IPA).
  • Under the concept of ‘authorisation for assignment’, the resolution professionals will not be eligible to obtain the ‘Authorisation for Assignment’ from the IPA once the 70 years age is attained.
  • If an individual is in employment then also he/she can now seek registration as an insolvency professional. But he/she has to discontinue employment if wants to have an 'Authorisation for Assignment’.
  • Insolvency professionals are barred from appointing any of their relatives in connection with any work relating to their assignments.
  • For a period of one year from the date of his cessation, insolvency professional or his relative are barred from taking up employment with the same corporate for which corporate insolvency resolution process (CIRP) has been conducted.

Question: 

Q.1 As per IBBI new norm, the resolution professionals will not be eligible to obtain the ‘Authorisation for Assignment’ once they attain the age of?
a. 60 years
b. 65 years
c. 70 years
d. 75 years

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