<span style="color: #222222;">The Government is not considering setting up an Institute of Resolution Professionals to oversee and self-regulate the conduct of Resolution Professionals.<br />''<br />''In a written reply in the Lok Sabha, the Minister of State for Corporate Affairs Rao Inderjit Singh said the Insolvency and Bankruptcy Code, 2016 provides for a two-tier regulatory structure to oversee the conduct of Insolvency Professionals (IPs). He said in the first tier, there are three Insolvency Professional Agencies (IPAs) registered with the Insolvency and Bankruptcy Board of India (IBBI), of which are IPs are members. The IBBI is the second-tier regulator having oversight on the IPAs and IPs.</span><br />