As mandated, an administrator has to be insolvency professional with the Insolvency and Bankruptcy Board of India (IBBI) and empanelled with the board on regular intervals.
The IBBI has been institutionalised up under the Insolvency and Bankruptcy Code.
As notified in the circular, the appointed administrator shall neither withdraw consent nor surrender registration to the IBBI Board or membership to the Insolvency Professional Agency (IPA, in case of pendency of the insolvency assignment.
The matter would be referred to the IBBI for suitable action, in case of any such withdrawal or refusal.
The circular also added that the remuneration payable to administrator shall be in agreement with IBBI’s Liquidation Process norms.
Moreover, there would be diverse fee slabs for regular and forensic assessment carried out during the insolvency process by chartered accountants.