- NCLT appoints Insolvency Professionals (IPs) upon confirmation by IBBI.
- IPs play a key role in the efficient working of the bankruptcy process.
- They make public announcements of insolvency initiation.
- They call for submission of claims by other creditors.
- They constitute the Committee of Creditors (CoC).
- They submit the insolvency resolution plan to the CoC for approval.
- When CoC approves, IPs are confirmed as Resolution Professionals.