Insolvency Professional Entities' Support Services to Undergo Peer Review Under IIIPI

The Indian Institute of Insolvency Professionals (IIIPI) will include support services offered by Insolvency Professional Entities (IPEs) under its peer review mechanism to ensure adequate infrastructure and capacity. This will help enhance the effectiveness of insolvency processes and improve outcomes under the insolvency law.

The Indian Institute of Insolvency Professionals of ICAI (IIIPI) will bring support services provided by Insolvency Professional Entities (IPEs) under the peer review mechanism.

The move will help assess the adequacy as well as the infrastructure and capacity support provided by the IPEs to the insolvency professionals, according to a release.

Peer review is conducted by experienced IPs and is aimed at benchmarking the professional services under review.

The release said that IIIPI has decided to include support services by IPEs under the peer review framework.

Ashok Haldia, Chairman of IIIPI-Governing Board, said the latest move will improve the outcomes of processes under the insolvency law.

Generally, insolvency professionals can come together to form an IPE to handle complex insolvency proceedings.

The review is mandatory for IIIPI's members -- insolvency professionals and IPEs -- handling or having handled ten or more cases of Corporate Insolvency Resolution Process (CIRP) or liquidation in the past three years. The peer review framework of IIIPI was started in July 2022.

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