https://www.taxtmi.com/caselaws?id=396692 The Resolution Professional (RP) in the case outsourced the verification of claims, failed to include security interest details in the Information Memorandum (IM), and did not specifically mention certain transactions in the Section 43 application. The RP violated various provisions of the Insolvency and Bankruptcy Code and Regulations. The RP was found to have contravened certain rules but was not held strictly liable for all violations. As a result, a monetary penalty of Rs. 1,00,000/- was imposed on the RP, who was also directed not to accept new assignments until the penalty was paid. The Order would come into force 30 days from the date of issue. en-us Mon, 20 Apr 2020 00:00:00 +0530 Fri, 27 Nov 2020 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396692 The Resolution Professional (RP) in the case outsourced the verification of claims, failed to include security interest details in the Information Memorandum (IM), and did not specifically mention certain transactions in the Section 43 application. The RP violated various provisions of the Insolvency and Bankruptcy Code and Regulations. The RP was found to have contravened certain rules but was not held strictly liable for all violations. As a result, a monetary penalty of Rs. 1,00,000/- was imposed on the RP, who was also directed not to accept new assignments until the penalty was paid. The Order would come into force 30 days from the date of issue. Case-Laws Insolvency and Bankruptcy Mon, 20 Apr 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396692