Insolvency Professional Suspended for One Year Over Code Violations and Inadequate Diligence in Resolution Plan Process.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Disciplinary action against a Resolution Professional (RP) for contravention of provisions of the Insolvency and Bankruptcy Code (IBC) and lack of due diligence. RP failed to verify the Resolution Plan, intimate claims, and address specific queries, violating Sections 30(2)(b) and (e), 208(2)(a) and (e) of IBC. RP did not object to the proposal by the Successful Resolution Applicant (SRA) which included comments and legal analysis terming an arbitration award in favor of a claimant as void. Despite legal opinion advising against such comments, RP failed to take cognizance. RP's inaction on indicating precise admitted claim amount violated Regulations 13(2)(a) and (d). The Disciplinary Committee found sufficient basis for issuing show cause .........