Analyzing the Role of Insolvency Professionals in the Insolvency Proceedings

Abstract

The authors provide to point out and narrate the significant shift of Insolvency and Bankruptcy Code in addressing challenges held down by Insolvency Professionals during the Corporate Insolvency Resolution Process (CIRP). The paper discusses from the evolution of insolvency laws in India from the pretext of time, back from 2016 and the different positive impacts it made in the Indian economy. Delving from the multiple stages of CIRP to emphasizing on what Insolvency Professionals are expected to do is all outlined in this paper. The authors further goes on to cover the criteria for selecting and accrediting Insolvency Professionals, the many functions they serve, and the obstacles they confront, such as legal and regulatory complications, stakeholder opposition, and limited resources. The study makes advice for intellectual property owners, such as digital literacy, professional networking, and legal reform activism. The publication also discusses future developments in bankruptcy processes, such as technology integration, cross-border insolvencies, alternative dispute resolution, and more stakeholder participation. It finishes with case studies, such as the Binani Cement Limited case, that demonstrate the actual implementation of the Insolvency and Bankruptcy Code and the critical role that Insolvency Professionals play in enabling a transparent and fast resolution process.