The Insolvency and Bankruptcy Board of India (IBBI), through its circular dated 11th February 2025 (No. IBBI/LIQ/82/2025), has directed all Registered Insolvency Professionals (IPs), Recognised Insolvency Professional Entities, and Registered Insolvency Professional Agencies to mandatorily intimate the Board about their appointments under various processes of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016).
To streamline compliance and ensure thorough record-keeping, the Assignment Module has been refined, and IPs are now required to add assignments on the IBBI’s electronic portal upon appointment in the following capacities:
Interim Resolution Professional (IRP) under CIRP
Resolution Professional (RP) under CIRP
Liquidator under Liquidation and Voluntary Liquidation Processes
Resolution Professional under Insolvency Resolution for Personal Guarantors
Bankruptcy Trustee under Bankruptcy Process for Personal Guarantors
Administrator under Insolvency and Liquidation Proceedings of Financial Service Providers
IPs must add their assignments within the following timelines:
New Assignments: Within three (3) days of appointment.
Ongoing Cases: By 28th February 2025, if not already updated.
Closed Cases: By 31st March 2025, except for Personal Guarantor cases, which must be updated by 30th April 2025.
This directive, issued under Section 196 of the IBC, 2016, aims to enhance regulatory oversight, reduce compliance delays, and standardize reporting obligations for insolvency professionals.
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