Punjab National Bank (PNB) is going to make an appointment for a particular job. This appointment will be as Insolvency Resolution Professionals (IRP) for 2017-18. Notification has been issued in this regard on behalf of the bank.
According to the notification issued by PNB, the bank has applied for the applications for insulation resolution professionals (IRP), which is for 2017-18. PNB says IRPs must be registered with the Insolvency and Bankers Board of India (IBBI). Submitting this will submit application to the applicant on 3 November 2017 or earlier. Insolvency resolution professionals have to make corporate, partnership firms and indigues out of reorganization and insolvency resolution at a set time.
Qualifications for IRPs: According to the notification, in addition to registration in IBBI for IRPs, there should be 5 years’ experience in the field connected to it. In this, Applicant has experience in the related work of Rehabilitation of Compacts, Corporate Debt Restructuring and Strategic Debt Restructuring Scheme.
How much will IRPs get the fees?
According to PNB, the fee structure of IRPs (appointed by the Creditors Committee) will vary according to the outstanding amount. The maximum fees will be Rs 2 lakh per borrower on the bank book outstanding of Rs. 1 crore. Up to 1 crore and up to 50 crores, maximum fees will be Rs 3 lakh, more than 50 crores and maximum fees up to 100 crores and 5 lacs and more than Rs 100 crores, maximum fees will be Rs 10 lakh per borrower (only bank’s shares). This fee will be for the IRPs appointed by the Committee of Creditors.
The IRPs not employed by the Creditors Committee will not get a maximum of Rs 1 lakh on the outstanding of 50 crore and Rs 2 lakh per dump on outstanding loan of more than 50 crore.