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CODE OF CONDUCT FOR INSOLVENCY PROFESSIONALS

SCHEDULE - 01 - Regulation - Schedules - Insolvency and Bankruptcy - SCHEDULE - 01 - FIRST SCHEDULE [Under Regulation 7(2)(g)] 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 bring disrepute to the profession. 3. An insolvency professional mus .....

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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 he or his relatives do not knowingly acquire any such assets, whet .....

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r 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 of it, by making a declaration of the same to the applicant, com .....

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. An insolvency professional must maintain and upgrade his professional knowledge and skills to render competent professional service. Representation of correct facts and correcting misapprehensions. 11. An insolvency professional must inform such persons under the Code as may be required, of a misapprehension or wrongful consideration of a fact of which he becomes aware, as soon as may be practicable. 12. An insolvency professional must not conceal any material information or knowingly make a m .....

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act with mala fide or be negligent while performing his functions and duties under the Code. Information management. 15. An insolvency professional must make efforts to ensure that all communication to the stakeholders, whether in the form of notices, reports, updates, directions, or clarifications, is made well in advance and in a manner which is simple, clear, and easily understood by the recipients. 16. An insolvency professional must ensure that he maintains written contemporaneous records .....

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rofessional must appear, co-operate and be available for inspections and investigations carried out by the Board, any person authorised by the Board or the insolvency professional agency with which he is enrolled. 19. An insolvency professional must provide all information and records as may be required by the Board or the insolvency professional agency with which he is enrolled. 20. An insolvency professional must be available and provide information for any periodic study, research and audit c .....

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