Indian Institute of Insolvency Professionals of ICAI (IIIPI) has recently decided to extend the Peer Review Framework to Insolvency Professional Entities (IPEs) that are enrolled as its members.
The IPEs provide support services to IRPs/RPs/ Liquidators including verifying and processing claims of creditors, finalising the agenda for the meetings of the Committee of Creditors (CoC), running the Corporate Debtor as Going Concern, preparing Information Memorandum, ensuring statutory compliances, preparing Expression of Interest (EoI) and finalising suitable Resolution Applicants (RAs) etc.
They can also undertake insolvency assignments.
Improve performance
“The decision to bring IPEs for subjecting these to peer review will improve the quality of their service and help in enhancing the confidence of various stakeholders,” Ashok Haldia, Chairman, IIIPI Board, said.
Peer Review is conducted by experienced IPs and aims at benchmarking the professional services under review to help improve performance, decision-making and adoption of best practices and standards including ethics, compliance with relevant laws, established standards and principles with respect of professional assignments under the IBC.
The Peer Review is mandatory for IIIPI’s Insolvency Professionals (IPs) handling or having handled ten or more cases of Corporate Insolvency Resolution Process (CIRP)/ Liquidation in the past three years since the launch of the Peer Review Framework of IIIPI in July 2022.
Currently peer review of more than 30 such professionals is under progress.
Institute of Insolvency Professionals of ICAI (IIIPI), promoted by the Institute of Chartered Accountants of India (ICAI) is the largest frontline regulator under IBC in India with about 63 per cent of Insolvency Professionals as its Members.
IIIPI actively works under the aegis of Insolvency and Bankruptcy Board of India (IBBI) to build professionals’ capacity and provide policy inputs to regulators.