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CODE OF CONDUCT FOR INSOLVENCY PROFESSIONALS

SCHEDULE - 01 - Regulation - Schedules - Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 - SCHEDULE - 01 - FIRST SCHEDULE 1[[Under regulation 7 (2) (h)]] Integrity and objectivity. 1. An insolvency professional must maintain integrity by being honest, straightforward, and forthright in all professional relationships. 2. An insolvency professional must not misrepresent any facts or situations and should refrain from being involved in any action that would bri .....

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ndirectly, any of the assets of the debtor, nor knowingly permit any relative to do so. Independence and impartiality. 5. An insolvency professional must maintain complete independence in his professional relationships and should conduct the insolvency resolution, liquidation or bankruptcy process, as the case may be, independent of external influences. 6. In cases where the insolvency professional is dealing with assets of a debtor during liquidation or bankruptcy process, he must ensure that h .....

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or, or the insolvency professional entity of which he is a partner or director is not independent, in terms of the Regulations related to the processes under the Code, in relation to the corporate person/ debtor and its related parties. 8. An insolvency professional shall disclose the existence of any pecuniary or personal relationship with any of the stakeholders entitled to distribution under sections 53 or 178 of the Code, and the concerned corporate person/ debtor as soon as he becomes aware .....

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shall not influence the decision or the work of the committee of creditors or debtor, or other stakeholders under the Code, so as to make any undue or unlawful gains for himself or his related parties, or cause any undue preference for any other persons for undue or unlawful gains and shall not adopt any illegal or improper means to achieve any mala fide objectives. Professional competence. 10. An insolvency professional must maintain and upgrade his professional knowledge and skills to render c .....

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ss. 13. An insolvency professional must adhere to the time limits prescribed in the Code and the rules, regulations and guidelines thereunder for insolvency resolution, liquidation or bankruptcy process, as the case may be, and must carefully plan his actions, and promptly communicate with all stakeholders involved for the timely discharge of his duties. 14. An insolvency professional must not act with mala fide or be negligent while performing his functions and duties under the Code. Informatio .....

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of such decision. This shall be maintained so as to sufficiently enable a reasonable person to take a view on the appropriateness of his decisions and actions. 17. An insolvency professional must not make any private communication with any of the stakeholders unless required by the Code, rules, regulations and guidelines thereunder, or orders of the Adjudicating Authority. 18. An insolvency professional must appear, co-operate and be available for inspections and investigations carried out by t .....

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of the information relating to the insolvency resolution process, liquidation or bankruptcy process, as the case may be, is maintained at all times. However, this shall not prevent him from disclosing any information with the consent of the relevant parties or required by law. Occupation, employability and restrictions. 22. An insolvency professional must refrain from accepting too many assignments, if he is unlikely to be able to devote adequate time to each of his assignments. 23. An insolvenc .....

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