Insolvency professionals (IPs) should work on a resolution plan within a particular time frame as the value of stressed assets declines every day, an official of the Insolvency and Bankruptcy Board of India (IBBI) said on Saturday.

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Speaking at a webinar organised by MCC, whole time member of IBBI Navrang Saini said the IPs should be transparent and they should also ensure that the resolution plans are worked out in a time-bound manner.

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"Value of a stressed asset declines every passing day. It has also been observed in some cases that the resolution value was almost close to the liquidation value," Saini, also the chairman of IBBI, said.

A resolution was supposed to be completed within 180 days. In some cases, it had crossed more than 400 days, he said, adding that there are some hitches still left in the resolution process which will go away with time.

Saini said there are around 3900 IPs in the country but many of them are not getting any assignment as some are monopolising them.

"We are aiming at giving equal opportunity to all of them in the interests of the stakeholders", he said.

According to Saini, when an IP takes charge of a stressed asset, the person becomes the CEO of the concerned corporation as the board gets suspended.

An IP has to coordinate with the adjudicating authority (NCLT) and the creditors, he said.

IBBI has also provided a code of conduct for the IPs, but perfection will come with time, he added.