Insolvency Professional – A man of prudence and principles.
Gone are the days, the creditors were at the mercy of the Court to get back their money from the hands of a debt-ridden person, which owes a special thanks to the will of the Government to introduce the mighty law , Insolvency and Bankruptcy Code, 2016(Code), governing the principles of creditworthiness and conscience of Indian society. An Insolvency professional must have to be skilled, knowledgeable, prudent, lawful and above all ethical in his dealings. He should be a man of integrity and maintain professionalism while dealing with stakeholders. This article discusses the roles, responsibilities, duties and qualities which are required to be possessed by an Insolvency Professional while playing an active role under the Code.
IBC- A Complete code
Within two years of its introduction, the Code had paved deep in-roads into the credit recovery system of the Country wherein which it is established that the promoters who are in default to repay their debts have no right continue in the ownership and management of the defaulting entity and they have to step down from their adobes of comfort and give way to new bunch of promoters who can inject fresh blood of commerce to it and revive the economic ecosystem of the said entity. The Code is a complete piece of legislature which stipulates for the resolution of debt of a corporate person, individuals and partnerships and thereby handhold it to its timeworn magnificence. Unlike its predecessors, the Code objectives for insolvency resolution of corporate persons, individuals and partnership firms in a time bounded manner for maximisation of the value of the assets of such persons, to promoter entrepreneurship, availability of credit and balance the interest of all the stakeholders including alteration in the priority of payment of government dues.
Insolvency Professional- A symbol of uprightness and judiciousness.
The corporate insolvency resolution