IBBI Issues Revised Guidelines for IP Panel (January–June 2026)

The Insolvency and Bankruptcy Board of India (IBBI) has issued the Insolvency Professionals to act as IRPs, RPs, Liquidators and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2025, which will govern appointments for the period January 1, 2026 to June 30, 2026. The revised framework, notified on November 21, 2025, replaces the earlier guidelines issued in May 2025 and seeks to ensure a more predictable, transparent and efficient system for recommending Insolvency Professionals (IPs) to Adjudicating Authorities (AAs) across corporate and individual insolvency proceedings.

Under multiple provisions of the Insolvency and Bankruptcy Code, 2016, including Sections 16(4), 34(6), 97(4), 98(3), 125(4), 146(3) and 147(3), the NCLT and DRT routinely request IBBI to recommend names for appointment as IRPs, RPs, Liquidators and Bankruptcy Trustees. The revised guidelines respond to the need for a pre-verified, ready panel to avoid administrative delays and support time-bound commencement of insolvency processes.

Key Features of the Revised Framework

1. Eligibility Criteria: To be empanelled, an IP must:
   1. have no disciplinary proceedings pending with IBBI or the concerned IPA;
   2. not have been convicted in the last three years;
   3. submit an Expression of Interest (EOI) in Form A with unconditional consent; and
   4. hold an Authorisation for Assignment (AFA) valid for the entire panel period (i.e., i.e., valid up to June 30, 2026 and beyond)

This ensures that only compliant, conflict-free and assignment-ready professionals are empanelled.

1. Expression of Interest and Sectoral Experience: IPBI will invite EOIs via email, requiring submission by December 22, 2025. The EOI functions as unconditional consent to act in any role. IPs must also identify sectoral experience, enabling AAs to align appointments with industry-specific expertise. The final panel will be circulated to all NCLT and DRT benches by December 31, 2025.
2. Structure of the Panel: The panel will comprise a single national consolidated list, further organized on a zone-wise and bench-wise basis according to the Insolvency Professional’s registered office as outlined in Annexure 1, while Insolvency Professional Entities acting as IPs will be eligible for appointment across all NCLT benches nationwide; however, Adjudicating Authorities will retain full discretion to select any IP from the panel.
3. Sorting and Workload Balancing: To ensure equitable distribution of assignments, the panel will be sorted by the number of ongoing processes being handled by each IP.
   If two IPs have identical scores, seniority of registration determines placement.
4. Obligations of Empanelled Ips: The guidelines establish clear obligations for empanelled Insolvency Professionals, providing that inclusion in the panel amounts to deemed acceptance of any appointment as IRP, RP, Liquidator or Bankruptcy Trustee, and that IPs may not withdraw consent except with the approval of the NCLT, DRT or IBBI, with any unjustified refusal leading to six-month removal from the panel. IPs are further expected to maintain continuity by not surrendering their registration, membership or Authorisation for Assignment during the panel period, while the Adjudicating Authorities retain full discretion to appoint any IP from the panel or, where appropriate, seek a recommendation from IBBI for an IP outside the panel.

The previous Guidelines dated May 27, 2025, stand repealed from the date the new guidelines come into force. However, all appointments and actions taken under the repealed guidelines will continue to remain valid.

The revised recommendation guidelines, 2025, mark an important step toward institutionalizing a structured, transparent and efficient mechanism for appointing IP across corporate and individual insolvency cases. By establishing clear eligibility norms, a uniform expression-of-interest mechanism, balanced sorting criteria and firm expectations from empaneled IPs, the IBBI aims to support faster initiation of insolvency processes while upholding the professional integrity of IPs.