TMI Blog2021 (2) TMI 1000X X X X Extracts X X X X X X X X Extracts X X X X ..... s that he should have a valid AFA which is issued by the IPA with which he is enrolled. In other words, without AFA, an IP is not eligible to undertake any assignments or conduct various processes thereof. Regulation 7A was inserted in the IP Regulations vide notification dated 23rd July 2019. The bye-laws of Indian Institute of Insolvency Professionals of ICAI defines in para 4(1)(aa) the expression authorisation for assignment as an authorisation to undertake an assignment, issued by an insolvency professional agency to an insolvency professional, who is its professional member, in accordance with its bye-laws regulation. An application for grant of AFA can be made by the IPs to the IPA under para 12A of said bye-laws. An IP who is m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut any direction - SCN disposed off. - No. IBBI/DC/57/2020 - - - Dated:- 15-12-2020 - Dr. Mukulita Vijayawargiya, Whole Time Member, (IBBI) ORDER In the matter of Mr. Rajesh Samson, Insolvency Professional (IP) under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016 This Order disposes of the Show Cause Notice (SCN) No. IBBI/IP/MON/2020/2 dated 27th August, 2020 issued to Mr. Rajesh Samson, Deloitte Touche Tohmatsu India LLP, 7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City Phase II, Gurugram-122002 who is a Professional Member of the Indian Institute of Insolvency Professionals of ICAI (IPA) and an IP registered with the Insolvency and Bankruptcy Board ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hout holding a valid AFA from the IPA. Written and oral submissions by Mr. Rajesh Samson 3. Mr. Samson's submissions made in his written replies and during the course of personal hearing are summarized as follows. (i) Mr. Samson had filed the written consent to act as the IRP of the CD in Form 2 on 4th April, 2019. Thereafter, on 11th April, 2019, an application for initiation of the CIRP under section 7 of the Code was filed by the financial creditor before the Hon'ble National Company Law Tribunal, Allahabad Bench (AA) recommending to appoint Mr. Samson as the IRP. (ii) The acceptance of assignment by Mr. Samson took place on 4th April, 2019, i.e., much prior to the introduction of Regulation 7A of the IP Regulations o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any assignment by an IP is that he should have a valid AFA which is issued by the IPA with which he is enrolled. In other words, without AFA, an IP is not eligible to undertake any assignments or conduct various processes thereof. Regulation 7A was inserted in the IP Regulations vide notification dated 23rd July 2019. 4.3 The bye-laws of Indian Institute of Insolvency Professionals of ICAI defines in para 4(1)(aa) the expression authorisation for assignment as an authorisation to undertake an assignment, issued by an insolvency professional agency to an insolvency professional, who is its professional member, in accordance with its bye-laws regulation. An application for grant of AFA can be made by the IPs to the IPA under para 12A of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at all times abide by the Code, rules, regulations, and guidelines thereunder and the bye-laws of the insolvency professional agency with which he is enrolled; (h) abide by the Code of Conduct specified in the First Schedule to these Regulations; 4.6 Section 208(2) of the Code provides that every IP shall take reasonable care and diligence while performing his duties and to perform his functions in such manner and subject to such conditions as may be specified. Further, the Code of Conduct specified in the First Schedule of the IP regulations enumerates a list of code of conduct for insolvency professionals including maintaining of integrity and professional competence for rendering professional service, representation of correct fac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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