Authority – Insolvency and Bankruptcy Board of India.
Legislation, Insolvency and Bankruptcy Code, 2016.
Brief:
- The Insolvency and Bankruptcy Board of India (IBBI) also proposed regulatory measures to enforce the role, accountability and independence of Resolution Professionals (RP) under the Insolvency and Bankruptcy Code (IBC) in 2026. The reforms aim at making the process of corporate insolvency resolution process (CIRP) more transparent and ensures that the RP is fair and impartial when dealing with stressed assets.
- The main amendments are the increased disclosure, the closer attention to the RP behavior, and the better understanding of their responsibilities to the creditors and stakeholders. The IBBI has also focused on professional standards and disciplinary procedures to guarantee efficiency on insolvency process.
- The intentions of these reforms include ensuring increased confidence among the stakeholders, lessening delays and maximising better value in the insolvency resolution.