In the matter of Mr. A. Arumugam, Insolvency Professional (IP) under section 220 of the Insolvency and Bankruptcy Code, 2016

Last updated: 02 January 2021

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This order from the Insolvency and Bankruptcy Board of India (IBBI) Disciplinary Committee addresses alleged contraventions by Mr. A. Arumugam, an Insolvency Professional (IP). The case concerns his role as Resolution Professional (RP) in the Corporate Insolvency Resolution Process (CIRP) of M/s RRP Housing Private Limited. Allegations include failure to prepare the Information Memorandum due to lack of cooperation and document access, and issues with record preservation and providing information. Mr. Arumugam has provided submissions in his defence, citing non-cooperation from ex-directors and third parties as reasons for difficulties encountered.

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (Disciplinary Committee) No. IBBI/DC/62/2020 1st January, 2021 Order In the matter of Mr. A. Arumugam, Insolvency Professional (IP) under section 220 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 11 of the Insolvency and Bankru

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FAQ :

Mr. A. Arumugam is a registered Insolvency Professional (IP) with the Insolvency and Bankruptcy Board of India (IBBI) and a Professional Member of the Insolvency Professional Agency of the Institute of Cost Accountants of India.

Mr. Arumugam was appointed as the Resolution Professional (RP) for M/s RRP Housing Private Limited after the Corporate Insolvency Resolution Process (CIRP) was initiated.

The main allegations include failure to prepare the Information Memorandum due to lack of cooperation from ex-directors and issues with accessing company records, as well as alleged violations related to preserving and providing records during the inspection process.

Mr. Arumugam argued that the failure to complete the CIRP and prepare the Information Memorandum was due to non-cooperation from the ex-directors of the Corporate Debtor and issues with accessing records sealed by the CMDA. He also contended that certain regulations cited were not applicable to the timeline of the proceedings.

The order disposes of the Show Cause Notice issued to Mr. A. Arumugam, addressing the alleged contraventions of the Insolvency and Bankruptcy Code and related regulations based on an inspection report and his submissions.