Insolvency Professionals (IPs) constitute one of the four key pillars of the insolvency regime under the Insolvency and Bankruptcy Code 2016, the others being the Adjudicating Authority, the Insolvency and Bankruptcy Board of India, and Information Utilities. They play an important statutory role in the insolvency resolution, liquidation, and bankruptcy processes of companies, partnership firms, proprietorship firms, and other individuals. 

Till recently, only an individual was eligible for registration as an IP. In terms of notification(s) dated October 31, 2022, an Insolvency Professional Entity is also eligible for registration as an IP.  This pioneering initiative has the potential to be a global benchmark and further professionalise insolvency services. 

The Insolvency Law Academy wishes to support and strengthen this initiative. As a first step, it proposes to develop the best practices and standards of conduct for IPEs, who are registered as IPs, with a view to enable them to the most efficient and effective services as IPs.  Therefore, the Insolvency Law Academy hereby constitutes a Working Group to propose the best practices and standards of conduct for IPEs registered as IPs. The Insolvency Law Academy wishes to support and strengthen this initiative. As a first step, it proposes to develop the best practices and standards of conduct for IPEs, who are registered as IPs, with a view to enable them to the most efficient and effective services as IPs. Therefore, the Insolvency Law Academy hereby constitutes a Working Group to propose the best practices and standards of conduct for IPEs registered as IPs. The Insolvency Law Academy has constituted a Working Group on 26th January 2023 to propose the best practices and standards of conduct for IPEs registered as IPs, with the following composition: