IBBI Suspends Deloitte Partner's IP Registration For 3 Years And Imposes Penalty

The Disciplinary Committee of the Insolvency and Bankruptcy Board of India ("IBBI") has suspended the registration of Insolvency Professional, Mr. Savan Godiawala, for a period of three years and has also imposed a penalty of amount equivalent to payments made to Deloitte Touche Tohmatsu India LLP after 23.07.2019 till now. Brief Background Mr. Savan Godiawala is a Professional Member of Indian Institute of Insolvency Professionals of ICAI (IIIP-ICAI) and an Insolvency Professional...

Shri.Jayanti Prasad Takes Charge As Whole-Time Member Of IBBI

The Insolvency and Bankruptcy Board of India ("IBBI") on 05.07.2022 has issued a press release stating that Shri.Jayanti Prasad has taken charge as whole-time Member of Insolvency and Bankruptcy Board of India in New Delhi. He belongs to 1986 batch Indian Audit and Accounts Service officer, superannuated as Deputy Comptroller & Auditor General (Human Resources and International Relations). Before joining IBBI, he had accomplished thirty-five years of experience in the civil...

IBBI Notifies Amendments To Insolvency Professional Regulations

The Insolvency and Bankruptcy Board of India ("IBBI") vide a notification dated 04.07.2022 in the Gazette of India (Extraordinary) has notified amendments to the IBBI (Insolvency Professionals) Regulations, 2016. These amendments have come into force on 04.07.2022. The following clauses have been inserted in the Insolvency Professional Regulations: Clause 8B: Insolvency professional shall disclose his relationship, if any, with the corporate debtor, other professionals engaged by...

CIRP Conducted In A "Brazen Manner": IBBI Suspends Insolvency Professional For Three Years

The Disciplinary Committee of the Insolvency and Bankruptcy Board of India ("IBBI"), while adjudicating a Show Cause Notice dated 08.04.2022 in the matter of Mr. Partha Sarathy Sarkar (Insolvency Professional), has suspended the Insolvency Professional for a period of three years for acting in contravention of the Insolvency and Bankruptcy Code, 2016 ("IBC") and the IBBI (Insolvency Resolution process for Corporate Persons) Regulations, 2016 ("CIRP Regulations"). The specific violations...

IBBI Suspends Insolvency Professional For Violation Of Code Of Conduct

The Disciplinary Committee of the Insolvency and Bankruptcy Board of India ("IBBI"), while adjudicating a Show Cause Notice in the matter of Mr. Kedarram Ramratan Laddha (Insolvency Professional), has suspended the Insolvency Professional for a period of one year for accepting assignment as an Interim Resolution Professional without having a valid Authorisation for Assignment ("AFA") and while disciplinary proceedings were pending against him. The Order was passed on 24.06.2022. Brief...

IBBI Amends Its Regulations On Information Utilities

The Insolvency and Bankruptcy Board of India has introduced second round of amendments to the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 ("Information Utility Regulations") vide a notification dated 14.06.2022, bearing No. IBBI/2022-23/GN/REG085, in order to improve the availability of information. These amendments have come into force on 14.06.2022. The Information Utility Regulations were first published on 31.03.2017 in the Gazette of India...

IBBI Rescinds Its Previous Circulars

The Insolvency and Bankruptcy Board of India (IBBI) vide its circular dated 23.05.2022 has rescinded various earlier circulars issued by IBBI by exercising its power under Section 196 of the Insolvency and Bankruptcy Code, 2016. As per circular dated 23.05.2022, IBBI conducted an exercise of review of its circulars and withdrew its earlier circulars as these circulars are no longer required due to incorporation of those changes in the IBBI (Insolvency Resolution Process for Corporate...

IBBI Suspends IP Subrata Monindranath Maity Who Has Been Arrested By CBI Over Bribe Allegations

The Insolvency and Bankruptcy Board of India ("IBBI") has suspended Insolvency Professional, Mr. Subrata Monindranath Maity, vide an interim ex-parte order dated 09.05.2022, after the Central Bureau of Investigation ("CBI") had arrested Mr. Subrata over bribe allegations. Mr. Subrata was registered as an Insolvency Professional with IBBI bearing Registration No. IBBI/IPA-001/IP-P00884/2017-2018/11481 since 29.01.2018. He is also a Professional Member of the Indian Institute of...

IBBI Disciplinary Committee Restrains Insolvency Professional From Rendering Services For Two Years

In a recent matter before the Disciplinary Committee of the Insolvency and Bankruptcy Board of India (IBBI), bearing No. IBBI/DC/91/2021, an Insolvency Professional, namely Mr. Manoj Kumar Singh, has been found to be dispensing his duties as an Interim Resolution Professional in contravention of the Insolvency and Bankruptcy Code, 2016 ("IBC") and its regulations. The Disciplinary Committee, vide an order dated 08.04.2022, has directed Mr. Singh to not seek or accept any process or ...

IBBI Notifies The Amended Insolvency And Bankruptcy Board Of India (Voluntary Liquidation Process) Regulations, 2017

The Insolvency and Bankruptcy Board of India ("IBBI") has issued a Press Release on 08.04.2022 notifying the public that amendments have been made to Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 ("Voluntary Liquidation Regulations"). These amendments were initially notified by the IBBI on its website on 05.04.2022 and it became Effective From The Same Date. Reason For The Amendment The Voluntary Liquidation Regulations encompasses the...

IBBI First Appellate Authority Allows RTI Application By A Company Seeking Information Regarding Complaint Against IRP

The Executive Director and First Appellate Authority, Santosh Kumar Shukla, IBBI in Utility Premises Private Limited v. Central Public Information officer allowed the RTI application filed by Utility Premises Private Limited seeking information regarding the complaint filed by it against the IRP, Mr. X. The Central Public Information Officer (CPIO) had rejected the RTI application filed by the Appellant herein, Utility Premises Private Limited. The following information was sought...

IBBI Has Jurisdiction To Regulate Payment Of IRP And RP: NCLAT

The NCLAT, Principal Bench consisting of Justice Ashok Bhushan, Chairperson and V.P. Singh, Technical Member in the case of Sumit Bansal, Insolvency Professional v. Committee of Creditors of JP Engineers held that the IBBI is clothed with the jurisdiction to regulate payment of remuneration of the RP and IRP both by framing regulations or by issuing executive instructions till regulations are not framed to regulate the subject. The Appellant was appointed as the Interim Resolution...