The Insolvency and Bankruptcy Board of India (IBBI) has issued the Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2025, effective from 1 January 2026 to 30 June 2026. The guidelines outline the procedure for preparing and sharing a panel of Insolvency Professionals (IPs) with the National Company Law Tribunal (NCLT) and Debt Recovery Tribunal (DRT) for appointments under various provisions of the Insolvency and Bankruptcy Code, 2016.

Eligible IPs must have no pending disciplinary proceedings, must not have been convicted in the last three years, and must hold a valid Authorisation for Assignment covering the entire panel period. The Board will invite Expressions of Interest in Form A, with submissions open until 22 December 2025, and will forward the final panel to the Adjudicating Authorities by 31 December 2025.

The panel will be prepared zone-wise and bench-wise based on the IP’s registered office, with sorting carried out according to the volume of ongoing assignments. Inclusion in the panel will be treated as deemed consent to accept appointments, and any refusal without sufficient justification may result in removal from the panel for six months. The guidelines also formally repeal the earlier panel guidelines issued on 27 May 2025.