In the matter of Mr. Kedarram Ramratan Laddha, Insolvency Professional (IP) under Regulation 11

Last updated: 09 January 2021

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This order from the Insolvency and Bankruptcy Board of India (IBBI) Disciplinary Committee addresses a Show Cause Notice issued to Mr. Kedarram Ramratan Laddha, an Insolvency Professional (IP). The notice concerned his acceptance of assignments as an Interim Resolution Professional and Liquidator after 31st December 2019, without holding a valid Authorisation for Assignment (AFA). Mr. Laddha argued that his consent for these roles was given before the deadline. The Disciplinary Committee noted that another IPA had already passed an order on the same matter, finding Mr. Laddha not guilty of professional misconduct as his consent predated the requirement. Consequently, the IBBI Disciplinary Committee disposed of the Show Cause Notice without further direction.

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (Disciplinary Committee) No. IBBI/DC/64/2020 7th January, 2021 Order 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 This Order disposes of the Show Cause Notice (SCN) No. IBBI/IP/MON/2020/8 dated 27thAugust, 2020 issued to Mr. Kedarram Ramratan Laddha, 501, Shajanand Shopping Centre, Shahibaug, Ahmada

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FAQ :

Mr. Kedarram Ramratan Laddha is an Insolvency Professional (IP) registered with the Insolvency and Bankruptcy Board of India (IBBI) and a Professional Member of the Indian Institute of Insolvency Professional of ICAI.

The SCN alleged that Mr. Laddha accepted assignments as an Interim Resolution Professional (IRP) and Liquidator after 31st December 2019, without possessing a valid Authorisation for Assignment (AFA) issued by his Insolvency Professional Agency (IPA).

Mr. Laddha submitted that he had given his consent for these assignments before the 31st December 2019 deadline, and he believed an AFA was not required as it was a continuing process. He also stated that any oversight was unintentional.

The Disciplinary Committee noted that the Indian Institute of Insolvency Professional of ICAI had already passed an order on the same issue, finding Mr. Laddha not guilty of professional misconduct because his consent was given prior to the cut-off date.

In light of the prior order by the IPA's Disciplinary Committee, the IBBI Disciplinary Committee disposed of the Show Cause Notice without issuing any further directions.

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Notification No : No. IBBI/DC/64/2020
Published in Corporate Law
Source : https://ibbi.gov.in/uploads/order/2021-01-07-191549-kt4vh-37524d9e159412893e60dd4299be8e9e.pdf

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