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2019 (4) TMI 1206 - Board - Insolvency and BankruptcyInterim resolution professional (IRP) and / or resolution professional (RP) - contraventions of several provisions of the Insolvency and Bankruptcy Code, 2016 (Code), the IBBI (Insolvency Professionals) Regulations, 2016 (IPR) and the Code of Conduct under regulation 7(2) thereof, and the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. HELD THAT:- The DC finds that Mr. Ruia has contravened the provisions of sections 20, 22, 23, 208(2)(a) and (e) of the Insolvency and Bankruptcy Code, 2016, regulations 33 and 34 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and regulations 7(2)(a), (b) and (h) of the IBBI (Insolvency Professionals) Regulations, 2016 read with clauses 1, 2, 5, 9, 10, 12, 14, 16, 18, 19, 24, 25 and 27 of the Code of Conduct thereof. The registration of Mr. Sanjay Ruia as an Insolvency Professional, having Registration No. IBBI/IPA-001/IP-P00353/2017-2018/10654, shall be suspended for two year - Mr. Ruia shall not seek or accept any process or assignment or render any services under the Code during the period of suspension. He shall, however, continue to conduct and complete the assignments / processes he has in hand as on date of this order - Mr. Ruia shall (i) undergo the pre-registration educational course specified under regulation 5(b) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 from his Insolvency Professional Agency, and (ii) work for at least six months as an intern with a senior insolvency professional, at any time during the period of suspension, to improve his understanding of the Code and the regulations made thereunder.
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