Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Board Insolvency and Bankruptcy - 2019 (1) TMI Board This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (1) TMI 385 - INSOLVENCY AND BANKRUPTCY BOARD OF INDIAInability on the part of Liquidator to take up the assignment - corporate insolvency resolution process (CIRP) - Interim Resolution Professional (IRP) - Mr. Agarwal filed an application dated 5th March, 2018 requesting the NCLT not to appoint him as liquidator for personal reasons - Held that:- The Disciplinary Committee, in exercise of the powers conferred under section 220 (2) of the Code read with sub-regulations (7) and (8) of regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, hereby imposes on Mr. Agarwal a monetary penalty equal to one hundred percent of the total fee payable to him as IRP and as RP in the CIRP of Upadan Commodities Private Ltd. and directs him to deposit the penalty amount by a crossed demand draft payable in favour of the Insolvency and Bankruptcy Board of India within 30 days of the issue of this order - The Board in turn shall deposit the penalty amount in the Consolidated Fund of India - SCN disposed off.
|