In the matter of Mr. Satinder Kapur, Insolvency Professional

This order concerns Mr. Satinder Kapur, an Insolvency Professional (IP), and a Show Cause Notice issued by the Insolvency and Bankruptcy Board of India (IBBI). The notice alleged that Mr. Kapur accepted an assignment as liquidator for Buffalogrid Project Private Limited's voluntary liquidation after December 31, 2019, without holding a valid Authorization for Assignment (AFA) from his Insolvency Professional Agency (IPA). Mr. Kapur submitted a reply, and the matter was referred to the Disciplinary Committee for a final decision.

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
(Disciplinary Committee)
No. IBBI/DC/50/2020 4
th December, 2020

Order

In the matter of Mr. Satinder Kapur, 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/2020/21 dated 28th August, 2020 issued to Mr. Satinder Kapur, Suite No. 10, 3rd Floor, 1 Link Road, Jangpura Extension, New Delhi - 110014, 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-N00302/2017-2018/10860. 1.1 The IBBI had issued the SCN to Mr. Satinder Kapur on 28th August, 2020 for accepting the assignment as a liquidator in voluntary liquidation process of Buffalogrid Project Private Limited after 31st December 2019 without holding a valid Authorization for Assignment (AFA) issued to him by his IPA.

1.2 Mr. Kapur submitted reply dated 5th September, 2020 to the SCN. The IBBI referred theSCN, response of Mr. Kapur to the SCN and other material available on record to theDisciplinary Committee (DC) for disposal of the SCN in accordance with the Code and Regulations made thereunder. The IP availed an opportunity of personal hearing in virtual mode before the DC on 10th September 2020.

Show Cause Notice

2. The SCN issued by IBBI alleged contraventions of sections 208(2)(a) and 208(2)(e) of the Insolvency and Bankruptcy Code, 2016 (Code), regulations 7(2)(a), 7(2)(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 theIP Regulations for accepting the assignment of the liquidator in liquidation process of Buffalogrid Project Private Limited after 31st December, 2019 for which public announcement was made on 7th February, 2020 without holding a valid AFA from the IPA; 

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