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2018 (8) TMI 838 - Board - Insolvency and BankruptcyDisciplinary Processes against the Insolvency Professional who is a Professional Member of the ICSI - Corporate insolvency resolution process (CIRP) - corporate debtor in distress - Held that:- The process aims to rescue the corporate debtor from distress. In the instant matter, Mr. Wadhwa, in connivance with the applicant-creditor and the corporate debtor and in contravention of several provisions of the law, subverted the CIRP of Ved Cellulose Limited and thereby attempted to scuttle the life of the corporate debtor itself and frustrate the objective of the Code. It was the timely intervention of the Hon’ble Adjudicating Authority that the CIRP was rescued by rejection of the ‘resolution plan’ submitted by Mr. Wadhwa and appointment of another IRP in his place. The infractions of Mr. Wadhwa call for no leniency. He has rendered himself a person not fit and proper to continue as an insolvency professional. - Registration of Mr. Wadhwa cancelled.
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