PNB to hire insolvency resolution professionals | Business Line

Public sector Punjab National Bank (PNB) seeks to hire insolvency resolution professionals for 2017-18, according to a notification by the bank.

The bank has invited applications for empanelment of insolvency resolution professionals (IRP) for 2017-18, the notification said.

PNB said IRPs should be registered with the Insolvency & Bankruptcy Board of India (IBBI) and applicants are desired to submit applications on or before November 3.

Insolvency resolution professionals work in the area of reorganisation and insolvency resolution of corporate, partnership firms and individuals in a time bound manner.

“Besides having registration with IBBI, preference shall be given to the IRPs having five years of relevant experience in handling matters relating to rehabilitation of companies, which may include corporate debt restructuring/strategic debt restructuring scheme or arrangement under Companies Act,” the notification said.

On fee structure for the IRPs, who are also appointed as resolution professionals by the committee of creditors, PNB said for an outstanding of ₹1 crore on the books of the bank, the maximum fee is ₹2 lakh per borrower (not per account and that will include bank’s share only.

For over ₹1 crore and up to ₹50 crore, the maximum fee is capped at ₹3 lakh; above ₹50 crore and up to ₹100 crore, the maximum fee payable is fixed at ₹5 lakh and for outstanding above ₹100 crore, the IRPs can claim a maximum fee of ₹10 lakh per borrower (bank’s share only).

For the IRPs not appointed as resolution professionals by the committee of creditors, the maximum fee is ₹1 lakh for up to ₹50 crore outstanding and ₹2 lakh for loan dues over ₹50 crore.

(This article was published on October 15, 2017)

via PNB to hire insolvency resolution professionals | Business Line

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