For taking an assignment, an IP should have a valid AFA which is issued by the IPA with which he is enrolled as a professional member

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Last updated: 08 January 2021
Quick Summary
This judgement clarifies that an Insolvency Professional (IP) must possess a valid Authorisation for Assignment (AFA) issued by their Insolvency Professional Agency (IPA) to accept any new assignments. The case involved an IP who took on assignments after a specific date without holding a valid AFA, leading to disciplinary action. The ruling underscores the importance of proper authorisation for IPs undertaking resolution or liquidation processes.

Court :
IBBI

Brief :
In the matter of Mr. Kedarram Ramratan Laddha, Insolvency Professional (IP) under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016

Citation :
No. IBBI/DC/64/2020

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