Resolution Professionals: A Case Study Under IBC

Raghav Agarwal, BBA LLB (Hons.), Christ (Deemed to be University, Pune, Lavasa)

ABSTRACT

In India, there are several professions and the professionals who are adherents to these professions. A person who identifies himself with a profession having expertise in a field of activity and considers issues place before him in an objective and impartial manner subject nevertheless to a code of conduct. The Insolvency and Bankruptcy Code is transformational piece of legislation as it seeks to establish an ecosystem for handling Insolvency & Bankruptcy issues. Most importantly it offers an exit plan to all categories of persons – corporate, stakeholders, individuals and partnership firms, apart from over hauling century old legal framework. Hence it is a game changer in which the Bankers, Courts, Investors, and the initiators of insolvency proceedings will have to work in harmony for devising either a survival plan or liquidation of sick units and others facing debt default.