On perusal of the FIR against the Insolvency Professional, it was observed that the allegations were serious in nature leading to contravention of multiple provisions of the Code including Section 208(2)(a) of the Insolvency and Bankruptcy Code,2016 (the Code) read with regulations 7(2)(a), 7(2)(b), 7(2)(h) and 7(2)(i) of the IBBI (Insolvency Professionals) Regulations, 2016 and clauses 1, 2, 3, 5, 9, 12, 14, 17, 24 and 28 of the Code of Conduct specified thereunder.<\/p>\n
The above-said raised serious questions about him being \u2018fit and proper\u2019 to continue as an IP.<\/p>\n
His arrest is bound to hamper the ongoing processes being handled by him, and therefore would jeopardise the interest of concerned stakeholders.<\/span><\/p><\/blockquote>\n
\nInsolvency and Bankruptcy Code of India<\/strong><\/p>\n[Notification No. IBBI\/DC\/95(Interim)\/2022]<\/strong><\/p>\n[Interm Order dt. 9-5-2022]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"The IBBI Disciplinary Committee has issued an ex-parte interim order due to the urgency of the matter and suspended the registration of <\/p>\n","protected":false},"author":8808,"featured_media":223422,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[3049,2680,10481,44109,29471,29689,2674],"class_list":["post-266699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news","tag-Arrest","tag-bribe","tag-cbi","tag-disciplinary-committee","tag-ibbi","tag-insolvency-professional","tag-suspension"],"yoast_head":"\n
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Venugopal, J. and Naresh Salecha* (Technical Member) held that the Adjudicating Authority which had the powers to appoint the Liquidator also have the power to remove the \u2018Liquidator for any fit, just, valid and proper reasons. \u201c\u2026no\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":259025,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/24\/ibbi-extends-online-delivery-of-educational-course-and-continuing-professional-education-by-insolvency-professional-agencies-and-registered-valuers-organisations-guidelines-2020-till-march-31-2022\/","url_meta":{"origin":266699,"position":3},"title":"IBBI extends Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations Guidelines, 2020 till March 31, 2022","author":"Prachi Bhardwaj","date":"December 24, 2021","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India has extended the validity of the Insolvency and Bankruptcy Board of India (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations) Guidelines, 2020 till March 31, 2022 vide notification dated December 21, 2021. \u00a0 To\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-56.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-56.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-56.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-56.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-56.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":217356,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/25\/ibbi-amends-regulations-for-insolvency-professionals-authorisation-for-assignment-made-mandatory\/","url_meta":{"origin":266699,"position":4},"title":"IBBI amends Regulations for Insolvency Professionals | ‘Authorisation for Assignment’ made mandatory","author":"Bhumika Indulia","date":"July 25, 2019","format":false,"excerpt":"The IBBI amends (i) the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, and (ii) the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. The Insolvency and Bankruptcy Board India (IBBI) notified the following regulations: (i) the Insolvency and\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":274772,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/30\/new-form-aa-introduced-for-application-for-registration-as-an-insolvency-professional-vide-ibbi-insolvency-professionals-fourth-amendment-regulations-2022\/","url_meta":{"origin":266699,"position":5},"title":"New Form AA introduced for application for registration as an insolvency professional vide IBBI (Insolvency Professionals) (Fourth Amendment) Regulations, 2022","author":"Bhumika Indulia","date":"September 30, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 28-09-2022, the Insolvency and Bankruptcy Board of India has notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Fourth Amendment) Regulations, 2022 which introduces a new Form AA for application for registration as an insolvency professional. 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