Compliance with regulations 7 (2) (ca) and 13 (2) (ca) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 Ref. : IBBI CIRCULAR No. No. IBBI/IP/020/2019 dt. 12th April, 2019 Regulation 7 (2) (ca) of the…
An insolvency professional(IP) must maintain complete independence in his professional relationships and should conduct the insolvency resolution, liquidation or bankruptcy process, as the case may be, independent of external influences-Mr. Dinkar T. Venkatasubramani- IBBI
An insolvency professional shall not influence the decision or the work of the committee of creditors or debtor, or other stakeholders under the Code, so as to make any undue or unlawful gains for himself or his related parties, or cause any undue preference for any other persons for undue or unlawful gains and shall not adopt any illegal or improper means-Mr. Dinkar T. Venkatasubramani- IBBI
IP must perform his defined role under the Code and must not usurp other’s role and must not allow others to usurp his role- Mr. Mukesh Mohan, Insolvency Professional- IBBI
No single creditor, whether secured or unsecured, irrespective of its voting power or share, can substitute the CoC. A RP must not engage in private communication with a creditor irrespective of his voting power.-Mr. Mukesh Mohan, Insolvency Professional- IBBI
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