In the matter of Mr. Manoj Kumar Jain, Insolvency Professional

Last updated: 18 December 2020

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This order from the Insolvency and Bankruptcy Board of India (IBBI) Disciplinary Committee addresses a Show Cause Notice (SCN) issued to Mr. Manoj Kumar Jain, an Insolvency Professional. The SCN alleged that Mr. Jain accepted an assignment as Interim Resolution Professional (IRP) after 31st December 2019 without holding a valid Authorisation for Assignment (AFA). Mr. Jain argued that his initial consent for the assignment was given before the deadline. The Disciplinary Committee noted that while Mr. Jain's consent for the IRP role was prior to the deadline, he also consented to a Resolution Professional (RP) role after the deadline without an AFA. The IBBI's Disciplinary Committee disposed of the SCN without further direction, acknowledging a prior order from Mr. Jain's own professional body on the matter.

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (Disciplinary Committee) No. IBBI/DC/59/2020 16thDecember, 2020 Order In the matter of Mr. Manoj Kumar Jain, Insolvency Professional (IP) under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2

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FAQ :

The order addresses a Show Cause Notice (SCN) issued to Mr. Manoj Kumar Jain, an Insolvency Professional, for allegedly accepting an assignment as Interim Resolution Professional (IRP) after 31st December 2019 without a valid Authorisation for Assignment (AFA).

Mr. Jain stated that he gave his consent for the assignment on 22nd July 2019, which was before the deadline of 31st December 2019.

An Authorisation for Assignment (AFA) is a document issued by an Insolvency Professional Agency (IPA) to an Insolvency Professional (IP) authorising them to undertake an assignment.

Yes, the order notes that Mr. Jain also gave consent in March 2020 to become a Resolution Professional (RP) in the same corporate insolvency resolution process without holding a valid AFA, which was after the 31st December 2019 deadline.

The Disciplinary Committee disposed of the Show Cause Notice without any further direction, taking into account a previous order passed by Mr. Jain's professional body on the same matter.