In the matter of Mr. Pinaki Sircar, Insolvency Professional

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
(Disciplinary Committee)

No. IBBI/DC/49/2020 
4th December, 2020

Order

In the matter of Mr. Pinaki Sircar, 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/2020/25 dated 28th August, 2020 issued to Mr. Pinaki Sircar, 31/7, N.C. Chowdhury Road, Kolkata, West Bengal700042, 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-N00063/2017-2018/10141.

Background

1.1 The IBBIhadissued on 28th August, 2020, the SCN to Mr. Pinaki Sircar for accepting the assignment as the Liquidator in Liquidation process of M/s Bansal Refineries PrivateLimited (CD) after 31st December, 2019 without holding a valid Authorisation forAssignment (AFA) from his IPA. The order of Liquidation was passed by the National Company Law Tribunal (NCLT), Kolkata Bench (AA) on 17th January, 2020 due to failure of the Corporate Insolvency Resolution Process (CIRP) of the CD.

1.2 Mr. Sircar submitted reply to the SCN, dated 5th September, 2020. The IBBI referred the SCN, response of Mr. Sircar to the SCN and other material available on record to theDisciplinary Committee (DC) for disposal of the SCN in accordance with the Code andRegulations made thereunder. The IP availed an opportunity of personal e-hearing 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 theInsolvency 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 as the liquidator in Liquidation process of M/s Bansal Refineries Private Limited after 31st December, 2019 for which public announcement was made on 21st January, 2020 without holding a valid AFA from the IPA.

3. Mr. Sircar’s submissions made in his written reply and during the course of personal hearing are summarized as follows.

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