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Disciplinary Committee cancelled registration of Resolution Professional for contravention of Bankruptcy Code

November 15, 2018[2018] 99 taxmann.com 174 (IBBI)
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IBC : Where Resolution Professional 'G' connived with parties to allow One Time Settlement (OTS) in garb of resolution plan and to allow an ineligible Resolution Applicant to submit OTS and did absolutely nothing either to run business of corporate debtor or to run corporate insolvency resolution process, Resolution Professional had contravened sections 17, 23, 25(2)(h), 29A, 30(2)(e), 30(4) and 208(2) and, therefore, Disciplinary Committee, in exercise of powers conferred under section 220(2), read with sub-regulations (7) and (8) of regulation 11 of the IBBI (Insolvency Professionals) Regulations, 2016, cancelled registration of 'G' as Insolvency Professional

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