In the matter of Mr. Rajmal Labhchand Mogra, Insolvency Professional

Last updated: 10 June 2021

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This order from the Insolvency and Bankruptcy Board of India's Disciplinary Committee addresses alleged contraventions by Mr. Rajmal Labhchand Mogra, an Insolvency Professional. The committee reviewed a Show Cause Notice issued to Mr. Mogra concerning his role as Interim Resolution Professional (IRP) and Resolution Professional (RP) in the corporate insolvency resolution process of M/s. Dhanashree Tooling System Private Limited. The order details the alleged violations of the Insolvency and Bankruptcy Code, 2016, and related regulations, as well as Mr. Mogra's submissions in response.

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (Disciplinary Committee) No. IBBI/DC/71/2021 9thJune, 2021 Order In the matter of Mr. Rajmal Labhchand Mogra, Insolvency Professional, under section 220 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016 and Regulation 13 of IBBI (Inspection and Investigation) Regulations, 2017. This Order disposes of the Show Cause Notice (SCN) No.

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FAQ :

Mr. Rajmal Labhchand Mogra is an Insolvency Professional registered with the Insolvency and Bankruptcy Board of India (IBBI) and a Professional Member of the Indian Institute of Insolvency Professionals of ICAI.

The order addresses a Show Cause Notice issued to Mr. Mogra regarding alleged contraventions of the Insolvency and Bankruptcy Code, 2016, and related regulations during his role as IRP and RP for M/s. Dhanashree Tooling System Private Limited.

Allegations included failure to promptly apply to the Adjudicating Authority for directions when the suspended Board of Directors did not cooperate, admitting claims of operational creditors without proper verification, failing to notice material erosion of tangible assets, and not collecting information from alternative sources.

Mr. Mogra submitted that he made regular follow-ups and exercised reasonable care and diligence, believing it was his discretion to assess the situation before applying to the Adjudicating Authority.

He stated that claims were accepted based on available data and documents, including affidavits, due to the lack of company books. He also mentioned taking steps to obtain necessary details and that one operational creditor withdrew their claim after queries.

Mr. Mogra explained that he lacked sufficient data, including an approved balance sheet, and had to approach the Registrar of Companies for information. He also stated that the company was dormant with no transactions, thus no material erosion of assets.

Notification No : IBBI/DC/71/2021
Source : https://www.ibbi.gov.in/uploads/order/d4f3876501150157f5f3167380233c8f.pdf

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