Insolvency & Bankruptcy Board of India, vide its circular no. IP/004/2018 dated 16.01.2018, clarified that Insolvency Professional shall render services for a fee which is reasonable reflection of his work, raise bills & invoices in his own name towards such fees and such fees shall be paid to his bank account. Any payment of fees for the services of an Insolvency Professional to any person other than an insolvency professional shall not form part of an insolvency resolution process cost.
My interpretation of the said circular of IBBI is, in cases where many professionals who have incorporated a separate IP agencies either as LLP or Private Limited companies, the bill will have to be raised in the name of individual IP only and not in the name of LLP or Private limited companies....
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