In the matter of Mr. Romesh Chander Sawhney, Insolvency Professional

Last updated: 12 December 2020

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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. Romesh Chander Sawhney, an Insolvency Professional. The notice concerned his acceptance of an assignment as Interim Resolution Professional (IRP) after 31st December 2019, without holding a valid Authorisation for Assignment (AFA) as required by regulations. Mr. Sawhney provided explanations, including a procedural oversight due to health issues and a misunderstanding of new regulations. While the IBBI noted the clear requirement for an AFA, it also acknowledged that Mr. Sawhney's professional body, the Indian Institute of Insolvency Professionals of ICAI, had already addressed the matter and found him not guilty of professional misconduct. 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/53/2020 08thDecember 2020 Order In the matter of Mr. Romesh Chander Sawhney, Insolvency Professional (IP) under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulat

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FAQ :

The order addresses a Show Cause Notice issued to Insolvency Professional Mr. Romesh Chander Sawhney for accepting an assignment as Interim Resolution Professional after 31st December 2019 without a valid Authorisation for Assignment (AFA).

An Authorisation for Assignment (AFA) is a mandatory authorisation issued by an Insolvency Professional Agency (IPA) to an insolvency professional, allowing them to undertake assignments. An IP must hold a valid AFA for any assignment accepted or commenced after 31st December 2019.

Mr. Sawhney cited a procedural lapse due to health issues in December 2019, a misunderstanding of the newly amended Regulation 7A by his office staff, and stated it was an unintentional oversight without ill motive. He also mentioned he had applied for the AFA later.

Yes, the Indian Institute of Insolvency Professionals of ICAI issued a show cause notice and an order on 1st December 2020, deciding that Mr. Sawhney was not guilty of professional misconduct in this matter.

Considering that Mr. Sawhney's professional body had already dealt with the matter and found no professional misconduct, the IBBI Disciplinary Committee disposed of the Show Cause Notice without issuing any further directions against Mr. Sawhney.