https://www.taxtmi.com/caselaws?id=366144 An insolvency professional appointed as IRP or RP must act in an individual capacity under the Insolvency and Bankruptcy Code, 2016, and the professional fee and out-of-pocket expenses must be invoiced and received by that professional alone. A separate LLP cannot substitute the professional, cannot enrol as an insolvency professional, and cannot receive fees on the professional's behalf. The Code prevails over any inconsistent LLP arrangement, and such conduct also breaches the standards of integrity, independence, transparency, and the prohibition on undue influence under the code of conduct. The fee-routing arrangement was therefore held impermissible, and a monetary penalty was imposed. en-us Thu, 23 Aug 2018 00:00:00 +0530 Thu, 30 Aug 2018 07:06:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366144 An insolvency professional appointed as IRP or RP must act in an individual capacity under the Insolvency and Bankruptcy Code, 2016, and the professional fee and out-of-pocket expenses must be invoiced and received by that professional alone. A separate LLP cannot substitute the professional, cannot enrol as an insolvency professional, and cannot receive fees on the professional's behalf. The Code prevails over any inconsistent LLP arrangement, and such conduct also breaches the standards of integrity, independence, transparency, and the prohibition on undue influence under the code of conduct. The fee-routing arrangement was therefore held impermissible, and a monetary penalty was imposed. Case-Laws Insolvency and Bankruptcy Thu, 23 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366144