Disciplinary proceeding pending bars an insolvency professional from accepting new insolvency or liquidation assignments until disposal. A disciplinary proceeding begins when the Board issues a show cause notice and ends when the disciplinary committee disposes of that notice by a reasoned order; during that period the proceeding is deemed pending against the insolvency professional. An insolvency professional who has been issued a show cause notice shall not accept any fresh assignment as interim resolution professional, resolution professional, liquidator, or bankruptcy trustee until disposal of the notice.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Disciplinary proceeding pending bars an insolvency professional from accepting new insolvency or liquidation assignments until disposal.
A disciplinary proceeding begins when the Board issues a show cause notice and ends when the disciplinary committee disposes of that notice by a reasoned order; during that period the proceeding is deemed pending against the insolvency professional. An insolvency professional who has been issued a show cause notice shall not accept any fresh assignment as interim resolution professional, resolution professional, liquidator, or bankruptcy trustee until disposal of the notice.
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