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2019 (1) TMI 1044 - Board - Insolvency and BankruptcyInsolvency Professional Entity (IPE) recognition - consequences of non comply with the provisions of regulation 12 - nonrecognition - Held that:- One IPE, namely, Integro Insolvency Professionals Private Limited (formerly known as Integro Insolvency Professionals Services Private Limited), has confirmed its non-compliance vide e-mail dated 30th November, 2018. Therefore, the Board hereby de-recognises Integro Insolvency Professionals Private Limited (formerly known as Integro Insolvency Professionals Services Private Limited) bearing recognition number IBBI/IPE/0031, in accordance with Regulation 14 of the said Regulations with effect from 1st October, 2018 for non-compliances of Regulations 12(1)(a), 12(1)(b), 12(1)(c) and 12(1)(g) of the aforesaid Regulations. Consequently, the thirteen IPEs listed in Para 5, 6 and 7 are hereby directed to forthwith: (a) surrender their original certificates of recognition to the Board; and (b) inform the concerned Registrar of Companies about their de-recognition. Notwithstanding the de-recognition, the aforesaid IPEs shall be jointly and severally liable for all acts or omissions, if any, of its partners or directors as insolvency professionals committed during such partnership or directorship, in accordance with sub-regulation (3) of regulation 13 of the Regulations.
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