Regulatory Oversight and Accountability: Authorities Empowered to Address Non-Compliance by Insolvency Professionals
In the complex domain of insolvency proceedings, insolvency professionals (IPs) play a pivotal role, aiding in the resolution process between debtors and creditors. Yet, their duties are governed by rigorous regulations and compliance standards. Any divergence from these guidelines can result in significant repercussions, including penalties and disciplinary actions. Under the Insolvency and Bankruptcy Code (IBC), a two-tier regulatory framework oversees IPs, consisting of the Insolvency and Bankruptcy Board of India (IBBI) and the Insolvency Professional Agencies (IPAs), both regulated by the IBBI.
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