The Insolvency and Bankruptcy Board of India (IBBI) on December 12, 2022, notifies the Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals, and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2022. These Guidelines shall govern appointments as IRP, Liquidator, RP, and BT from January 1, 2023. 

As per the guidelines, the IBBI will prepare a common Panel of IPs for appointment as IRP, Liquidator, RP and BT and share the same with the AA (Hon'ble NCLT and Hon'ble DRT), so that the time process of appointment could be reduced. The Panel will have Zone wise list of IPs based on the registered office of the IP. The Panel will have validity of six months and a new Panel will replace the earlier Panel every six months. Further, an IP whose name has been included in the panes shall not withdraw his interest and/or decline to act as IRP, Liquidator, RP or BT, if appointed by the AA.

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