https://www.taxtmi.com/caselaws?id=291094 An Interim Resolution Professional cannot withhold the mandatory public announcement or bypass the prescribed insolvency process merely because the parties have reached a private settlement; once CIRP begins, statutory duties under the Insolvency and Bankruptcy Code and the regulations remain binding. The Adjudicating Authority also lacks power to impose disciplinary action directly on the professional and must refer any such matter to the Insolvency and Bankruptcy Board of India for appropriate action. The application was disposed of accordingly, with the professional found to have acted beyond authority and regulatory action left to the regulator. en-us Wed, 11 Dec 2019 00:00:00 +0530 Wed, 28 Oct 2020 09:03:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291094 An Interim Resolution Professional cannot withhold the mandatory public announcement or bypass the prescribed insolvency process merely because the parties have reached a private settlement; once CIRP begins, statutory duties under the Insolvency and Bankruptcy Code and the regulations remain binding. The Adjudicating Authority also lacks power to impose disciplinary action directly on the professional and must refer any such matter to the Insolvency and Bankruptcy Board of India for appropriate action. The application was disposed of accordingly, with the professional found to have acted beyond authority and regulatory action left to the regulator. Case-Laws Insolvency and Bankruptcy Wed, 11 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291094