2023 (3) TMI 748 - HC - Insolvency & Bankruptcy

Disciplinary Action against the Resolution Professional (RP) - Incorporation of partnership firm by the name ‘IBBI Insolvency Practitioners LLP’ - issuance of SCN on the ground that the RP had used the name ‘IBBI’ in the firm’s name - violation of Section 208 of the IBC read with Regulation 7(2)(a) and 7(2)(b) of the 2016 Regulations - HELD THAT:- This Court is of the opinion that the RP could not have used the name IBBI for his own private entity which would amount to misleading the trade and industry, as also the stakeholders who are involved in resolution and insolvency processes. The Disciplinary Committee’s view does not deserve to be interfered with. The order has also already been given effect to by the MCA and the RP’s suspension period of three months as directed by the impugned order has already come to an end.

The writ petition is dismissed.