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Suspension of an insolvency professional's registration prevents...
Suspension of insolvency professional registration prevents continued Resolution Professional appointments and restricts interim stays that effectively grant final relief.
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Suspension of an insolvency professional's registration prevents continued service as an Interim Resolution Professional or Resolution Professional in ongoing insolvency processes. Required intimation to the Committee of Creditors and Adjudicating Authority, followed by steps to appoint a successor, implements the disciplinary suspension rather than the Committee's separate replacement power. Challenges to the Disciplinary Committee's composition and investigation sequence require final examination and do not alone establish manifest invalidity at the interim stage. Interim suspension relief requires a prima facie case, favourable balance of convenience and irreparable injury; a general stay enabling fresh assignments may amount to final relief. The interim stay application was dismissed, while the disciplinary appeal remains for final adjudication.
Suspension of an insolvency professional's registration prevents continued service as an Interim Resolution Professional or Resolution Professional in ongoing insolvency processes. Required intimation to the Committee of Creditors and Adjudicating Authority, followed by steps to appoint a successor, implements the disciplinary suspension rather than the Committee's separate replacement power. Challenges to the Disciplinary Committee's composition and investigation sequence require final examination and do not alone establish manifest invalidity at the interim stage. Interim suspension relief requires a prima facie case, favourable balance of convenience and irreparable injury; a general stay enabling fresh assignments may amount to final relief. The interim stay application was dismissed, while the disciplinary appeal remains for final adjudication.
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