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The Insolvency and Bankruptcy Board of India has issued fresh guidelines for the empanelment of insolvency professionals to speed up appointments in corporate insolvency and bankruptcy proceedings under the Insolvency and Bankruptcy Code. The revised framework introduces stricter eligibility disclosures, mandatory consent provisions and penalties for refusal of assignments after empanelment. Insolvency professionals seeking inclusion in the panel must submit expressions of interest by June 19, 2026, while the final list is scheduled to be shared with adjudicating authorities by June 30. The regulator has also directed applicants to disclose sectoral experience to facilitate specialised handling of insolvency cases. The move is aimed at reducing delays in the appointment of interim resolution professionals, liquidators, resolution professionals and bankruptcy trustees across insolvency proceedings.
The Insolvency and Bankruptcy Board of India has issued revised guidelines for the empanelment of insolvency professionals aimed at accelerating appointments in corporate insolvency and bankruptcy cases under the Insolvency and Bankruptcy Code (IBC). Advertisement
The new framework, issued through guidelines dated May 18, 2026, outlines the procedure for preparing a panel of insolvency professionals eligible to act as Interim Resolution Professionals (IRPs), Resolution Professionals (RPs), liquidators and Bankruptcy Trustees (BTs). The empanelled list will be used by adjudicating authorities including the National Company Law Tribunal (NCLT) and Debt Recovery Tribunal (DRT) for appointments in insolvency proceedings.
Under the revised norms, professionals applying for empanelment must not be under suspension, debarment or pending disciplinary proceedings. Applicants are also required to disclose whether they have been convicted by any court during the previous three years.
The regulator has made submission of an expression of interest mandatory for inclusion in the panel. Once consent is submitted and empanelment is completed, insolvency professionals will not be permitted to decline assignments unless specifically authorised by the NCLT, DRT or the IBBI.
According to the guidelines, refusal to act as an IRP, RP, liquidator or bankruptcy trustee without sufficient justification after appointment would be treated as a deviation from the consent provided during empanelment. In such cases, the professional’s name may be removed from the panel for six months.
The revised framework also requires insolvency professionals to disclose sectors in which they are currently handling or have previously handled assignments under the Insolvency and Bankruptcy Code. The disclosure requirement has been introduced to improve sector-specific allocation of insolvency cases and strengthen resolution efficiency in specialised industries.
Eligible insolvency professionals seeking empanelment have been asked to submit their expressions of interest by June 19, 2026. The regulator is expected to finalise and share the panel with adjudicating authorities by June 30, 2026.
The revised guidelines form part of the IBBI’s broader efforts to streamline insolvency resolution processes and reduce delays in case management. Timely appointment of insolvency professionals has remained a critical component of the insolvency framework, particularly in large corporate resolution and liquidation proceedings where delays can impact asset value, creditor recovery and project continuity.
The changes are also significant for the real estate sector, where insolvency proceedings involving stalled housing projects and stressed developers frequently require coordinated resolution mechanisms involving homebuyers, lenders and regulatory authorities. Faster appointment processes and improved sectoral matching of insolvency professionals are expected to support more efficient handling of complex real estate insolvency cases under the IBC framework.
Source - PTI
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