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Whether insolvency professional and Resolution Professional is same person.

26 May 2018

Please explain whether insolvency professional and resolution professional as defined in the insolvency and bankruptcy Code, 2016 is same.
Means IP is appointed as RP please suggest in this matter.
Regards
Jaivindra Singh

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Vaishnavi (n/a) (52 Points)
Replied 26 May 2018

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Vaishnavi (n/a) (52 Points)
Replied 26 May 2018

Yes. Both are same. When one of the IPs who is enrolled as member with IP agencies & registered with Insolvency Board, is appointed for insolvency resolution process, he becomes a RP. Its similar to audit firms with many members in practice. When one of partner from the firm is appointed, he becomes client’s auditor. In common parlance, both these words are used interchangeably.

However,an IP other than RP may be appointed for the limited purpose only. Section 24 of IBC provides that a creditor who is a member of committee of creditors,may appoint an IP other than RP as his representative for such meeting.

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