Written by INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI) HAS STARTED TAKING A STERNER VIEW OF INSOLVENCY PROFESSIONALS VIOLATING THE CODE
Insolvency professionals are getting longer suspension orders and stiffer fines for violations such as rushing to liquidation and including related entities on committees of creditors
In another case of cancellation, the insolvency professional was found to have constituted the CoC with a related party while excluding the legitimate claims of a public sector bank (PSB) in the first meeting.
Orders about the suspension of professionals are becoming more forthright now. The disciplinary committee made some scathing observations, too.
The Insolvency and Bankruptcy Board of India (IBBI) has started taking a sterner view of insolvency professionals violating the code, handing out harsher punishments that include extended periods of suspension and stiffer monetary penalties in an effort to bring more discipline and compliance with the law and set examples………………..READ MORE
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