The Insolvency and Bankruptcy Board of India (IBBI), on November 21, 2025, issued the Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2025. The guidelines prescribe the framework for preparing and sharing a panel of eligible Insolvency Professionals (IPs) with the National Company Law Tribunal (NCLT) and Debt Recovery Tribunal (DRT), to ensure timely appointments under various provisions of the Insolvency and Bankruptcy Code, 2016.
Under the guidelines, IPs must meet eligibility conditions such as absence of disciplinary proceedings, no conviction in the past three years, submission of expression of interest with consent, and possession of a valid Authorisation for Assignment (AFA) for the entire panel period. The Board will invite expressions of interest, which must be submitted by December 22, 2025, and will prepare a zone-wise and bench-wise panel valid from January 1 to June 30, 2026. The panel may be used by the Adjudicating Authority (AA) to appoint IRPs, RPs, Liquidators, or Bankruptcy Trustees, and IPs included in the panel are deemed to have consented to accept such appointments.
The guidelines also detail sorting criteria based on ongoing assignment volume and mandate that refusal to accept appointments without valid reasons may lead to removal from the panel for six months. They further repeal the earlier guidelines issued on May 27, 2025, while preserving all actions taken under them.
