On or after promulgation of Insolvency and Bankruptcy Code, 2016 only the qualified person can be appointed as a Resolution Professional or a Liquidator of a Corporate Body - Discuss briefly.

As per section 206 of the Insolvency and Bankruptcy Code, 2016 no one can render services of an Insolvency Professional (IP) without being enrolled as a member of an Insolvency Professional Agency (IPA) and registered with Insolvency and Bankruptcy Board of India (IBBI). Thus, only persons with requisite qualifications and registered as Insolvency Professional can take-up the roles of Resolution Professional or Liquidator including Voluntary Liquidation. IBBI (Insolvency Professionals) Regulations, 2016 require a person to complete a pre-registration educational course, as may be required by the Board, from an insolvency professional agency after his enrolment as a professional member. Section 207(2) of the Code empowers the IBBI to state eligibility criteria for the persons having exposure in finance, law, management, insolvency or such other field, as it deems fit.