IBBI cracks the whip on a dozen insolvency professionals
Live MintA dozen professionals looking after the affairs of bankrupt firms taken over by lenders have faced disciplinary action by the Insolvency and Bankruptcy Board of India since January, showing the regulator is taking a dim view of lapses in following the Bankruptcy Code provisions. Orders issued by IBBI showed that disciplinary action ranged from issuing caution to the insolvency professional to be more careful in handling assignments to imposing fines and suspension of registration for periods ranging from three months to two years. In yet another case, involving the suspension of registration for two years, the professional has moved the Madras High Court initiating contempt of court proceedings against IBBI officials. One professional, who spoke on condition of anonymity, said disposing of the show cause notice issued by the regulator in the disciplinary matter took too long and the order was arbitrary.
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