Monetary Penalties to be imposed by an Insolvency Professional Agency.

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....l addresses and on website of the Board) Dear Madam /Sir, Subject: Monetary Penalties to be imposed by an Insolvency Professional Agency. The Disciplinary Committee of an Insolvency Professional Agency (IPA) may impose monetary penalty on its professional members under Clause 24(2)(d) of the Schedule to the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulation....

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..... to IPAs or submits inadequate or incorrect disclosures, returns, etc., relating to any assignment, as required under the Code and Regulations made thereunder or Bye-laws of the IPA or called upon by the Board or the IPA. Up to ₹ 1,00,000 or 25% of fee, whichever is higher, subject to a minimum ₹ 50,000. 2. Accepts an assignment having conflict of interests with the stakeholders. ....

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....ver is higher, subject to a minimum ₹ 1,00,000. 7. Fails to appoint registered valuers, wherever required, under the Code or Regulations made thereunder, for conducting valuation. Up to ₹ 2,00,000 or 25% of fee, whichever is higher, subject to a minimum ₹ 1,00,000. 8. Fails to supply the information called for or to comply with the requirements of information sought by the I....

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....ferential, Undervalued, Fraudulent or Extortionate transactions. Up to ₹ 2,00,000 or 25% of fee, whichever is higher, subject to a minimum ₹ 1,00,000. 13. Enters into contract or agreement with professionals in an incomplete and improper manner. Up to ₹ 1,00,000 or 25% of fee, whichever is higher, subject to a minimum ₹ 50,000. 14. Contravenes any provision of the Bye....