Suspension of an insolvency professional's registration renders the professional ineligible to continue in any ongoing insolvency process, rather than only the assignment underlying disciplinary action. Regulation 13(7) requires intimation of the suspension to the relevant Committees of Creditors and the Adjudicating Authority, operating separately from the Committee's commercial power to replace an otherwise eligible resolution professional. Challenges concerning disclosure, valuation, statutory recourse and disciplinary procedure raised issues for final consideration but did not establish a prima facie case, balance of convenience or irreparable injury. Interim stay of the disciplinary suspension was therefore declined, without determining the main appeal's merits.
Suspension of an insolvency professional's registration renders the professional ineligible to continue in any ongoing insolvency process, rather than only the assignment underlying disciplinary action. Regulation 13(7) requires intimation of the suspension to the relevant Committees of Creditors and the Adjudicating Authority, operating separately from the Committee's commercial power to replace an otherwise eligible resolution professional. Challenges concerning disclosure, valuation, statutory recourse and disciplinary procedure raised issues for final consideration but did not establish a prima facie case, balance of convenience or irreparable injury. Interim stay of the disciplinary suspension was therefore declined, without determining the main appeal's merits.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4891 
