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List of insolvency professionals facing disciplinary proceeding can’t be made public rules, IBBI

August 8, 2019[2019] 108 103 (IBBI)

IBC : Disciplinary proceedings before IBBI are quasi-judicial in nature and any disclosure of names of IPs against whom such proceedings are ongoing would impede investigation process due to unwarranted public attention, hence, request of applicant to disclose list of insolvency professionals against whom disciplinary proceeding is under process could not have been accepted. Moreover, such processes can be at various stages. Mere issuance of a show cause notice to an IP does not imply that such person is guilty of any misconduct. It is merely seeking an explanation from IP of any aberration in established process. If, there is any gap in explanation provided by IP, then further action is taken by Board. Revealing names of such IPs, is likely to harm their practice as most IPs are established professionals like Chartered Accountants, Company Secretaries, Cost Accountants, Advocates and managerial experts

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