Transition from RP to Liquidator Affects Disciplinary Proceedings; IBBI Retains Authority for Action Despite IIIP Decision.

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....Disciplinary enquiry / proceedings against Resolution Professional (RP) - when the petitioner ceases to be a Resolution Professional, and starts wearing the cap of a liquidator, the role of IIIP of ICAI vis-a-vis its member ceases. Hence, this Court considers, that at the best the decision of the IIIP of ICAI can be a piece of evidence in the proposed disciplinary proceedings but may not be adequate to affect the jurisdiction of the IBBI to initiate a disciplinary action against the petitioner. - HC....