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IBBI Revises IP Appointment Framework (July-December 2026)
The Insolvency and Bankruptcy Board of India (IBBI) has issued the Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2026 on May 18, 2026, revising the framework for preparation of panels of Insolvency Professionals (IPs) for appointments before the National Company Law Tribunal (NCLT) and Debt Recovery Tribunal (DRT).
The framework aims to facilitate advance preparation of a panels for appointment of Interim Resolution Professionals (IRPs), Resolution Professionals (RPs), Liquidators and Bankruptcy Trustees (BTs), thereby reducing delays in appointments by adjudicating authorities.
Previously on November 21, 2025, IBBI Issues Revised Guidelines for IP Panel which governs appointments for the period of January 1, 2026 –June 30, 2026, that replaced the May 2025 guidelines and sought to ensure a more predictable, transparent and efficient system for recommending IPs to Adjudicating Authorities across corporate and individual insolvency proceedings.
The panel prepared under the 2026 guidelines will remain valid from July 1, 2026, to December 31, 2026, and the earlier 2025 guidelines stand repealed prospectively.
Key Features of the Revised Framework
- Eligibility Conditions for Inclusion in the Panel
An IP will be eligible for inclusion in the panel only if no disciplinary proceedings are pending against them before IBBI or the Insolvency Professional Agency (IPA), the IP has not been convicted during the preceding three years, has submitted consent through Form A, and possesses a valid Authorisation for Assignment (AFA) covering the entire validity period of the panel.
Form A requires disclosure of registration details, AFA validity, ongoing and completed assignments, approved resolution plan values, realised liquidation values, sectoral experience, and details of disciplinary proceedings or debarments.
The guidelines specifically clarify that an IP included in the panel for the July 1, 2026, to December 31, 2026, period must hold an AFA extending beyond December 31, 2026.
- Expression of Interest
IBBI will invite expressions of interest through Form A via registered email addresses. Submission of Form A will constitute unconditional consent to act as IRP, RP, Liquidator or BT. The last date for submission of EOIs is June 19, 2026, and the final panel is to be forwarded to adjudicating authorities by June 30, 2026.
IPs are additionally required to specify sectors in which they possess experience in handling assignments or are currently handling assignments under the Code. Such sectoral details are to be selected from a dropdown list in Form A, with an “Others” category requiring disclosure of the sector name.
- Preparation of Panel and Sorting Criteria
IBBI will prepare a common zone-wise and bench-wise panel for appointments before the NCLT and DRT based on the registered office address of the IP. The panel will be sorted according to the “volume of ongoing assignments” handled by the IP, with ties being resolved based on the date of registration with IBBI.
The adjudicating authority may appoint any IP from the panel for CIRP, liquidation, insolvency resolution or bankruptcy proceedings relating to corporate debtors or personal guarantors. The guidelines further clarify that adjudicating authorities may also seek appointment of an IP from outside the panel, in which case IBBI may take an appropriate decision.
- Conditions for Empanelled IPs
Inclusion in the panel will be deemed acceptance to act upon appointment by the adjudicating authority. IPs cannot refuse appointments without sufficient justification, failing which their names may be removed from the panel for six months.
The guidelines further provide that empanelled IPs should not surrender their registration, membership or AFA during the validity period of the panel. The guidelines clarify that adjudicating authorities may appoint any IP from the panel at their discretion and may also seek appointment of an IP from outside the panel, in which case IBBI may take an appropriate decision.
