An IP must not act with mala fide or be negligent while performing his functions and duties under the Insolvency and Bankruptcy Code

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Last updated: 03 December 2020
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This judgement clarifies that Insolvency Professionals (IPs) must perform their duties under the Insolvency and Bankruptcy Code (IBC) without acting in bad faith or being negligent. The case involved Mr. Ajay Gupta, an IP, who was found to have contravened certain provisions of the IBC and related regulations. Specifically, he was alleged to have failed in his duty to preserve and protect the assets of a corporate debtor, leading to preferential transactions by the former management.

Court :
IBBI

Brief :
This Order disposes of the Show Cause Notice (SCN) No. IBBI/IP/INSP/2019/32 dated 17th June, 2020 issued to Mr. Ajay Gupta, 7-A, Siddhartha Extension, Pocket-B, New Delhi-110013, who is a Professional Member of the Indian Institute of Insolvency Professional of ICAI (IPA) and an Insolvency Professional (IP) registered with the Insolvency and Bankruptcy Board of India (IBBI) with Registration No. IBBI/IPA-001/IPP00140/ 2017-18/10304

Citation :
No. IBBI/DC/46/2020

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