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...

Names Of Resolution Professionals Facing Disciplinary Proceedings Can't Be Made Public : IBBI Appellate Authority [Read Order]

The First Appellate Authority (FAA) of the Insolvency and Bankruptcy Board of India has held against disclosure of names of insolvency professionals (IPs) facing disciplinary proceedings saying the same would impede the investigation process due to unwarranted public attention and is likely to harm practice of most IPs who are established professionals like Chartered Accountants. The FAA also held that there are sufficient checks and balances in place to ensure that IPs facing disciplinary...

IBBI Invites Comments On Draft IBBI Regulations, 2018

The IBBI has invited comments from the public, including the stakeholders, on the draft Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations), Regulations, 2018.Section 240 of the Insolvency and Bankruptcy Code, 2016 empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the regulations: carry out the provisions of the Code, are consistent with the Code and the rules made thereunder; are made by a notification...

Public Opinion Invited On Draft IBBI Regulations, 2018

The Insolvency and Bankruptcy Board of India (IBBI) has invited comments from the public, including the stakeholders and the regulated, on the draft Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations), Regulations, 2018 which is available at www.ibbi.gov.in. A cost-benefit analysis of the draft regulations is appended at the end of the draft regulations.Section 240 of the Insolvency and Bankruptcy Code, 2016 empowers the IBBI to make regulations subject to the...

IBBI Issues Circular On Fee Payable To Insolvency Professionals [Read Circular]

The Insolvency and Bankruptcy Board of India (IBBI) has issued a circular clarifying the norms for payment of fees to insolvency professionals as well as other professionals who are appointed by such insolvency professionals.The Code of Conduct for Insolvency Professionals under the IBBI (Insolvency Professionals) Regulations, 2016 require an insolvency professional to provide services for remuneration which is charged in a transparent manner, and is a reasonable reflection of the work...

IBBI Amends Regulations Governing Corporate Insolvency Resolution Process

On 07 November 2017, the Insolvency and Bankruptcy Board of India (IBBI) amended: (A) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) and (B) The Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 (Fast Track CIRP Regulations), issued under the Insolvency and Bankruptcy Code, 2016 (Code). The stated objective of the amendments is to...