HYDERABAD: The Insolvency and Bankruptcy Board of India (IBBI), which has so far registered 940 insolvency professionals (IPs) is in the process of registering about 100 more professionals, said Navrang Saini, whole-time member of IBBI.
“The applications come to us through insolvency agencies and registration of insolvency professionals is a continuous process. We have registered 940 till now and we will soon add another 100 more professional.
IBBI also received a total of three applications for registration as Information Utility (IU), out of which two applicants have been granted in-principle approval and the third one is being examined,” said Saini.
IUs collect data from creditors that will help National Company Law Tribunals (NCLTs) in specifically admitting the cases.
“If the IU collects authentic data, then, it will take very less time in admitting the case. Till now 3,437 cases have been filed and out of those 354 cases have already been admitted by the various benches of NCLT and 337 have already been rejected,” he added.
He also stressed that to deal with a large number of insolvency, institutional infrastructure is needed and IBBI has been focusing on capacity building, educating the market and supporting the implementation of Insolvency and Bankruptcy Code (IBC)
The IBBI’s whole-time member also informed that rules for registered values are to be made by the ministry of corporate affairs which is in the process of notifying and issuing the same.