Treating all Resolutions as Approved, in Absence of Confirmation by Member of CoC is Against Spirit of IBC: IBBI Suspends Registration of IP [Read Order]

By Kalyani B. Nair - On July 3, 2023 4:09 pm - 2 mins read
Treating – Resolutions - A pproved - CoC - IBC - IBBI - Registration – IP - TAXSCAN

The Insolvency and Bankruptcy Board of India (IBBI) suspended the Registration of an Insolvency Professional (IP), Anand Chandra Swain and noted that treating all resolutions as approved, in absence of confirmation by member of Committee of Creditors (CoC) is against spirit of the Insolvency and Bankruptcy Code, 2016 (IBC). Section 25(3) of IBBI (Insolvency Resolution…

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