Monetary Penalties to be imposed by an Insolvency Professional Agency.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Insolvency Professionals (By mail to registered email 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 G....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Monetary Penalty 1. Fails to submit disclosures, returns, etc. 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 Rs. 1,00,000 or 25% of fee, whichever is higher, subject to a minimum Rs. 50,000. 2. Accept....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nd obligations. Up to Rs. 2,00,000 or 25% of fee, whichever is higher, subject to a minimum Rs. 1,00,000. 7. Fails to appoint registered valuers, wherever required, under the Code or Regulations made thereunder, for conducting valuation. Up to Rs. 2,00,000 or 25% of fee, whichever is higher, subject to a minimum Rs. 1,00,000. 8. Fails to supply the information called for or to co....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 12. Fails to take action in respect of Preferential, Undervalued, Fraudulent or Extortionate transactions. Up to Rs. 2,00,000 or 25% of fee, whichever is higher, subject to a minimum Rs. 1,00,000. 13. Enters into contract or agreement with professionals in an incomplete and improper manner. Up to Rs. 1,00,000 or 25% of fee, whichever is higher, subject to a minimum Rs. 50,000. ....