In the matter of Mr. Satya Narayana Guddeti, Insolvency Professional

Last updated: 16 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. Satya Narayana Guddeti, an Insolvency Professional. The notice concerned his acceptance of an assignment as Interim Resolution Professional (IRP) after December 31, 2019, without holding a valid Authorisation for Assignment (AFA). Mr. Guddeti argued that his consent was given before the AFA regulation came into effect and that the oversight was unintentional. The committee noted that another disciplinary committee had already ruled on this matter, finding Mr. Guddeti not guilty of professional misconduct.

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (Disciplinary Committee) No. IBBI/DC/56/2020 14thDecember, 2020 Order In the matter of Mr. Satya Narayana Guddeti, 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/2020/9 dated 27th August, 2020 issued to Mr. Satya Narayana Guddeti, Plot No. 23, First Floor, Durganagar Colony, Punjag

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FAQ :

The order addresses a Show Cause Notice issued to Insolvency Professional Mr. Satya Narayana Guddeti for accepting an assignment as Interim Resolution Professional after December 31, 2019, without a valid Authorisation for Assignment (AFA).

Mr. Guddeti stated that he gave his consent for the assignment on June 6, 2019, which was before the regulation requiring an AFA (Regulation 7A) came into force on December 31, 2019. He believed it was a continuing process and the new regulation was not applicable at the time of his consent.

Mr. Guddeti was alleged to have contravened sections 208(2)(a) and 208(2)(e) of the Insolvency and Bankruptcy Code, 2016, and regulations 7(2)(a), 7(2)(h), and 7A of the IBBI (Insolvency Professionals) Regulations, 2016, along with specific clauses of the Code of Conduct.

The Disciplinary Committee noted that the Indian Institute of Insolvency Professional of ICAI had already passed an order on this matter, finding Mr. Guddeti not guilty of professional misconduct. Therefore, the IBBI Disciplinary Committee disposed of the Show Cause Notice without any further direction.

The Show Cause Notice (SCN) No. IBBI/IP/MON/2020/9 was issued to Mr. Satya Narayana Guddeti on 27th August, 2020.