IBBI Streamlines Insolvency Process with Updated Assignment Module for Professionals

The Insolvency and Bankruptcy Board of India (IBBI) has updated its Assignment Module to improve efficiency in insolvency proceedings. 

Insolvency Professionals (IPs) must now register their assignments on the IBBI portal within three days of appointment for new cases, by February 28, 2025, for ongoing cases, and by March 31, 2025, for closed cases (April 30, 2025, for personal guarantor cases). 

This applies to roles like Resolution Professionals, Liquidators, and Administrators. The move aims to streamline reporting, reduce delays, and enhance transparency. 

The update, under Section 196 of the Insolvency and Bankruptcy Code, 2016, ensures better record-keeping and compliance in insolvency processes.