IBBI’s Second Recommendation Guidelines, dated 21-11-2025
1. Overview
The Insolvency and Bankruptcy Board of India (IBBI) has issued the second set of guidelines for preparing a common six-monthly panel of Insolvency Professionals (IPs) and Insolvency Professional Entities (IPEs).
This panel will be used by the National Company Law Tribunal (NCLT) and the Debt Recovery Tribunal (DRT) for appointing:
- Interim Resolution Professionals (IRPs)
- Resolution Professionals (RPs)
- Liquidators
- Bankruptcy Trustees (BTs)
The new panel will be valid for the period 1 January 2026 to 30 June 2026.
2. Eligibility Criteria for Insolvency Professionals
An IP will be eligible for inclusion in the panel only if all the following conditions are satisfied:
2.1 No Pending Disciplinary Proceedings
The IP must not have any disciplinary proceeding—whether initiated by the IBBI or the Insolvency Professional Agency (IPA)—pending against them.
2.2 No Recent Convictions
The IP must not have been convicted by any court of competent jurisdiction in the last three years.
2.3 Expression of Interest and Consent
The IP must have submitted:
- An expression of interest (EOI), and
- Consent to act as IRP, RP, Liquidator, or Bankruptcy Trustee
for appointments made by the NCLT/DRT.
2.4 Valid Authorisation for Assignment (AFA)
The IP must hold a valid AFA covering the entire duration of the panel.
For example – An IP included in the panel for 1 January – 30 June 2026 must have an AFA valid up to 30 June 2026 or beyond.
3. Repeal of Earlier Guidelines
The earlier “Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2025)”, issued on 27 May 2025, stands repealed from the date the new guidelines come into effect.
However, all actions taken under the repealed guidelines shall be saved, ensuring continuity and legal validity of appointments already made.
4. Significance
These updated guidelines aim to:
- Strengthen transparency and uniformity in appointments made by NCLT/DRT
- Ensure only competent, compliant, and conflict-free professionals are empanelled
- Enhance confidence in the insolvency resolution and bankruptcy administration framework
Click Here To Read The Full Guidelines
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