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In the matter of Mr. Arun Rajabhau Joshi, Insolvency Professional (IP) under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016

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Court :
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

Brief :
This Order disposes of the Show Cause Notice (SCN) No. IBBI/IP/MON/2020/22 dated 28th August, 2020 issued to Mr. Arun Rajabhau Joshi, AR Joshi & Associates, 1st Floor, E-Wing, Bharat Bazar Complex, API Corner, Chikalthana MIDC, Aurangabad, Maharashtra-431006, who is a Professional Member of the ICSI Institute of Insolvency Professionals (IPA) and an IP registered with the Insolvency and Bankruptcy Board of India (IBBI) with Registration No.IBBI/IPA-002/IP-N00350/2017-2018/11000.

Citation :
No. IBBI/DC/31/2020

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

(Disciplinary Committee)

No. IBBI/DC/31/2020

1 st October, 2020

Order

In the matter of Mr. Arun Rajabhau Joshi, Insolvency Professional (IP) under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016

Background

This Order disposes of the Show Cause Notice (SCN) No. IBBI/IP/MON/2020/22 dated 28th August, 2020 issued to Mr. Arun Rajabhau Joshi, AR Joshi & Associates, 1st Floor, E-Wing, Bharat Bazar Complex, API Corner, Chikalthana MIDC, Aurangabad, Maharashtra-431006, who is a Professional Member of the ICSI Institute of Insolvency Professionals (IPA) and an IP registered with the Insolvency and Bankruptcy Board of India (IBBI) with Registration No. IBBI/IPA-002/IP-N00350/2017-2018/11000.

1.1 The IBBI had issued on 28th August, 2020, the SCN to Mr. Arun Rajabhau Joshi for accepting the assignment in the capacity of Insolvency Resolution Professional (IRP) in the matter of the Corporate Insolvency Resolution Process (CIRP) of M/s Govindam Metals and Alloys Private Limited and M/s Rajit Rolling Mills Private Limited after 31st December, 2019 without holding a valid Authorisation for Assignment (AFA) from his IPA.

1.2 Mr. Joshi submitted reply to the SCN dated 29th August, 2020. The IBBI referred the SCN, response of Mr. Joshi to the SCN and other material available on record to the Disciplinary Committee (DC) for disposal of the SCN in accordance with the Code and Regulations made thereunder. The IP availed an opportunity of personal hearing via video conferencing before the DC on 10th September, 2020.

Show Cause Notice

2. The SCN issued by IBBI alleged contraventions of sections 208(2)(a) & (e) of the Insolvency and Bankruptcy Code, 2016 (Code), regulations 7(2)(a) & (h) and 7A of the IBBI (Insolvency Professionals) Regulations, 2016 (IP Regulations) read with clauses 1, 2, 11, 12 and 14 of the Code of Conduct contained in the First Schedule of the IP Regulations for accepting the assignment in the CIRP of-

(i) M/s Govindam Metals and Alloys Private Limited after 31st December, 2019 for which public announcement was made on 24th January, 2020 without holding a valid AFA from the IPA;

(ii) M/s Rajit Rolling Mills Private Limited after 31st December, 2019 for which public announcement was made on 4 th March, 2020 without holding a valid AFA from the IPA.

To know more in details, find the attachment

 

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on 03 October 2020
Published in Corporate Law
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