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2019 (8) TMI 1033 - Board - Insolvency and BankruptcyDisciplinary proceedings against professional member of the ICSI Institute of Insolvency Professionals and an insolvency professional - regulation 11(6) of the IBBI (Insolvency Professionals) Regulations, 2016 - principles of natural justice - HELD THAT:- DC finds that Mr. Vats misrepresented certain facts to mislead the Board, as explained in Para 5.1 above, which has serious bearing on a time bound CIRP, displayed utter contempt of law, authority and discipline, took shelter under a typographical error, when the corporate debtor and the stakeholders were suffering, and moratorium had come into force in a time bound CIRP. In view of his conduct as explained in Para 5.1 above, the Disciplinary Committee, in exercise of the powers conferred under section 220 (2) of the Code read with sub-regulations (7) and (8) of regulation 11 of the IBBI (Insolvency Professionals) Regulations, 2016, hereby directs as under Mr. Vats shall work for at least six months as an intern with a senior insolvency professional, to improve his knowledge and understanding of the Code and the regulations made thereunder to appreciate the importance of time in a CIRP and Mr. Vats shall not seek or accept any assignment or render any services under the Code till he complies with the direction as at (i) above. He shall, however, continue to conduct and complete the assignments / processes he has in hand as on date of this order.
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