: Restricting the number of assignments to be handled by Insolvency professionals

The Insolvency and Bankruptcy Board of India released a 'discussion paper' on 01.07.2020,  on the  maximum number of assignments to be handled by an Insolvency Professional in Corporate Insolvency Resolution Process.    The Board proposes to limit the maximum numbers as detailed below-

• If the turnover of  the corporate debtor is less than Rs.1000 crores, the maximum number of assignments  is FIVE.
• If the turnover of the corporate debtor is more than Rs.1000 crores but less than Rs.5,000 crore  the maximum number of assignments is FOUR.
• If the turnover of the corporate debtor is more than Rs.5,000 crores  but less than Rs.10,000 crore the maximum number of assignments is THREE.
• If the turnover of the corporate debtor is more than Rs.10000 crore but less than Rs.50,000 crores the maximum number of assignments is TWO.
• If the turnover the corporate debtor is more than Rs.50,000 crore the assignment will be ONE.

The Board placed the above 'discussion paper' in www.ibbi.gov.in. for public comments.  The comments are to be submitted by 25.07.2020.