IP 's fee only to form part of Insolvency resolution Process Costs

Posted On : February 09, 2018

Pursuant to its powers to regulate the corporate insolvency process, the IBBI has issued a circular on IP’s fee where by it has clarified:
  • An insolvency professional shall render services for a fee which is a reasonable reflection of his work, raise bills / invoices in his name towards such fees, and such fees shall be paid to his bank account.
  • Any payment of fees for the services of an insolvency professional to any person other than the insolvency professional shall not form part of the insolvency resolution process cost