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2020 (6) TMI 499 - Board - Insolvency and BankruptcyDisciplinary Action against the liquidator / IP professional - Voluntary Liquidation of a company - delay of 18 months while making public announcement in newspapers - contravention of Section 208(2)(a) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The DC is conscious of the fact that the profession of IP is in a stage in which IPs are striving to learn. However, it is incumbent upon the IPs to perform their duties diligently and act strictly in accordance with the provisions of the Code and the regulations made thereunder. They must endeavor to build and safeguard the reputation of the profession which should enjoy the trust of the society and inspire confidence of all the stakeholders - DC is also aware of the fact that the IP himself came forward and sought permission to make public announcement belatedly though there is no such provision. Further, non-compliance of law is not tolerable, however, coming forward at his own deserves some leniency. The DC hereby imposes on Mr. Tarun Jaggi a monetary penalty of ₹ 1,00,000/- and directs him to deposit the penalty amount by a crossed demand draft payable in favour of the 'Insolvency and Bankruptcy Board of India'. The Board in turn shall deposit the penalty amount in the Consolidated Fund of India - Mr. Tarun Jaggi shall not accept any new assignment as an IP till he deposits the monetary penalty of ₹ 1,00,000/- (Rs. One Lakh only) with the Board and produces evidence to the Board of such deposit.
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