Valuers registered with IBBI under MCA Rules can only be appointed as IP
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
(Disciplinary Committee)
No. IBBI/DC/28/2020 4th September 2020
Order
In the matter of Mr Avishek Gupta, Insolvency Professional under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016 read with Section 220 of the Insolvency and Bankruptcy Code, 2016 .
This Order disposes of the Show Cause Notice (SCN) No. IBBI/IP/SCN/2020/02 dated 21st May 2020 issued to Mr Avishek Gupta, CK 104, Sector 2, Salt Lake, Kolkata, West Bengal-700091, who is a Professional Member of the Insolvency Professional Agency of Institute of Cost Accountants of India and registered with the Insolvency and Bankruptcy Board of India (IBBI) as an Insolvency professional (IP) with Registration No. IBBI/IPA-003/IP- N000135N000135/2017-18/11499.
Background
2. The Insolvency and Bankruptcy Board of India (IBBI) issued the Show Cause Notice (SCN) to Mr Avishek Gupta, based on material available on record in respect of his role as an interim resolution professional (IRP) and / or resolution professional (RP) in corporate insolvency resolution process (CIRP) of M/s Sri Ganesh Sponge Iron Private Limited (CD). The material on record is the appointment letter dated 12th April 2019 issued to R.K. Associates Valuers & Techno Engineering Consultants Private Limited (R K Associates), valuation reports relating to Industrial Plant & Machinery and Industrial Land & Building both dated 4th June 2019, valuation report relating to Current Assets dated 8th July 2019, letter issued to IP by the IBBI dated 11th October 2019 and the reply dated 1st November 2019 to the said letter issued to the IP by the IBBI.
2.1 The SCN alleged contraventions of clauses (a) & (e) of section 208 (2) of the Insolvency and Bankruptcy Code, 2016 (Code), clauses (a), (h) & (i) of regulation 7 (2) of the IBBI (Insolvency Professionals) Regulations, 2016 (IP Regulations) read with clauses 10 and 14 of the Code of Conduct contained in Schedule 1 of the IP Regulations, regulation 27 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016 (CIRP Regulations) and IBBI Circular IBBI/RV/019/2018, dated 17th October 2018. Mr Avishek Gupta replied to the SCN vide letter dated 18th June 2020.
2.2 The IBBI referred the SCN, response of Mr Avishek Gupta to the SCN and other material available on record to the Disciplinary Committee (DC) for disposal of the SCN in accordance with the Code and Regulations made thereunder. The IP availed an opportunity of e-hearing before the DC on 14th August 2020. He was represented by Mr Sanwal Tibrewal, Advocate. Thereafter, Mr Gupta submitted some additional documents. The submission was done vide email dated 15th August 2020 in support of his submissions made during the course of e-hearing.
Tags: Company Laws
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