Fees Payable to an Insolvency Professional
Insolvency and Bankruptcy Board of India has issued a circular stating the guidelines for collection of fees by the Insolvency Professionals as well as all the other professionals appointed by the Insolvency Professional. The Insolvency Professional shall follow a code of conduct set by Insolvency and Bankruptcy Board of India for remuneration of fees charged by the Insolvency Professional for the services provided. The charges should be reasonable reflection of the work done by the Insolvency Resolution Professional. The fees charged by the Insolvency Professional shall be paid to his bank account against the invoices and bills raised in the name of Insolvency Professional.
The above mentioned guidelines shall also apply to the other professionals appointed by the Insolvency Professional.
Click here to view the IBBI Circular dated 16.01.2018