IRR Insolvency Professionals Private Limited (IRR-IP) is India's first Insolvency Professional Entity recognized by The Insolvency & Bankruptcy Board of India (IBBI) under Regulation 12 of The Insolvency & Bankruptcy Board of India (Insolvency Professionals Regulations, 2016) in exercise of the powers conferred on it by sections 196, 207 and 208 read with section 240 of Insolvency and Bankruptcy Code, 2016 (IBC).
The new insolvency and bankruptcy law in India – the Insolvency and Bankruptcy Code, 2016 (the “Code”) – became effective from 1 December 2016. With this, India has adopted a unified framework consolidating the bankruptcy legislations applicable to companies, limited liability partnerships, partnership firms and make substantial changes in the insolvency laws applicable to companies. The Sick Industrial Companies (Special Provisions) Act, 1985, which provided for the rescue and rehabilitation of sick industrial companies, now stands repealed.
IRR-IP strategically holds the advantage of having Pan India presence with offices in Delhi, Mumbai, Hyderabad, Bengaluru, Lucknow and Chandigarh. As a part of its overall growth strategy, the company is planning to increase its footprints across other states like Chennai, Jaipur, Guwahati, Bhubaneshwar and Allahabad.