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Disciplinary action against an insolvency professional requires...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and related show-cause notice.
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Disciplinary action against an insolvency professional requires a properly constituted Disciplinary Committee and compliance with the statutory inspection or investigation process. The text explains that the Chairperson is distinct from a whole-time Board member and cannot personally exercise powers delegated to the Disciplinary Committee; a cancellation order issued in that capacity is void for lack of jurisdiction. It further states that adverse appellate tribunal observations cannot replace an independent inspection or investigation, particularly where an earlier inspection found no irregularity. The show-cause notice and cancellation were set aside, while fresh proceedings in accordance with law remained open.
Disciplinary action against an insolvency professional requires a properly constituted Disciplinary Committee and compliance with the statutory inspection or investigation process. The text explains that the Chairperson is distinct from a whole-time Board member and cannot personally exercise powers delegated to the Disciplinary Committee; a cancellation order issued in that capacity is void for lack of jurisdiction. It further states that adverse appellate tribunal observations cannot replace an independent inspection or investigation, particularly where an earlier inspection found no irregularity. The show-cause notice and cancellation were set aside, while fresh proceedings in accordance with law remained open.
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