Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Board Insolvency and Bankruptcy - 2018 (4) TMI Board This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (4) TMI 1439 - Board - Insolvency and BankruptcyCorporate insolvency process - Insolvency Professional appointment - Held that:- Given the responsibilities of an insolvency professional, it is necessary to take urgent action to contain further damage, pending completion of inspection. Therefore, in exercise of the powers conferred under section 220 (2) of the Code read with sub-regulation (4) of regulation (5) of the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017, issue directions for Insolvency Professional as debarred from undertaking any new assignment, either as an Interim Resolution Professional, Resolution Professional, Liquidator or otherwise, under the Code; The direction as above shall come into force with immediate effect and shall cease to have effect on expiry of 90 days from the date of the order and the Inspecting Authority shall complete the inspection and submit inspection report by 15th April, 2018, as specified in the order dated 04.01.2018 of the Board.
|