TaxTMI 
TaxTMI 
2021 (3) TMI 96
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.... 500082, who is a Professional Member of the Indian Institute of Insolvency Professional of ICAI (IPA) and an Insolvency Professional (IP) registered with the Insolvency and Bankruptcy Board of India (IBBI) with Registration No. IBBI/IPA-001/IP-P00632/2017-2018/11086. Background 1.1 The IBBI had issued the SCN dated 27th August, 2020, to Mr. Satya Narayana Guddeti for accepting the assignment as Interim Resolution Professional (IRP) in corporate insolvency resolution process (CIRP) of Ajanta Offset and Packaging Limited (CD) after 31st December, 2019 without holding a valid Authorisation for Assignment (AFA) issued to him by his IPA. 1.2 Mr. Guddeti submitted reply to the SCN vide email dated 3rd September, 2020. The IBBI referred ....
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....licable at the time when consent was given for appointment as liquidator for CD. (ii) The error has occurred inadvertently and unintentionally resulting from oversight/misunderstanding of the newly incorporated provisions. (iii) The application for AFA was made on 7th February, 2020 which was rejected due to non-filing of half yearly return which was duly complied. Analysis and Findings 4. The DC after taking into consideration the SCN, the reply to SCN, the oral and written submission of Mr. Satya Narayana Guddeti and also the provisions of the Code, rules and the regulations made thereunder finds as follows:- 4.1 The DC notes that the provisions of the Code and regulations are spelt out in a plain and unambiguou....
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....is its professional member, in accordance with its bye-laws regulation. An application for grant of AFA can be made to the IPA under para 12A of said bye laws. 4.4 Further, Section 208 of the Code also casts an obligation to abide by the code of conduct and comply with all requirements and terms and conditions specified in the bye-laws of the insolvency professional agency of which he is a member. Section 208(2) provides as follows: "208. Functions and obligations of insolvency professionals.- (2) Every insolvency professional shall abide by the following code of conduct: - (a) to take reasonable care and diligence while performing his duties; (b) to comply with all requirements and terms and condition....
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.... regulations enumerates a list of code of conduct for insolvency professionals including maintaining of integrity and professional competence for rendering professional service, representation of correct facts and correcting misapprehension, not to conceal material information and not to act with mala fide or with negligence. 4.7 In the present matter, Mr. Guddeti was appointed as IRP by National Company Law Tribunal, Delhi Bench, Court - IV (AA) vide order dated 4th February 2020 initiating CIRP of CD on application under section 7 of the Code by M/s Amritvani Exim Private Limited claiming to be financial creditor and public announcement was made by IRP on 7th February, 2020. 4.8 The DC finds that an order by the Disciplinary Committ....