In the matter of Mr Subrata Monindranath Maity,), the Insolvency and Bankruptcy Board of India ( IBBI )penalised Insolvency Professional (IP) when failed to provide correct information to Board about an ineligible resolution applicant.
The IBBI, in the exercise of its powers 218 of the Code read with Regulation 7(1) and 7(2) of the (‘Inspection Regulations’) appointed an Inspecting Authority (IA) to conduct an investigation into the matter of Bhatia Coke and Energy Limited (CD-II) wherein Mr Subrata Monindranath Maity worked as the resolution professional.
The DC notes that in the CIRP-4 filed by Mr Subrata Monindranath Maity with the Board on 16.04.2021, he had stated that ‘Number of persons who were ineligible as per Section 29 (A) – 0’ whereas in the 15th CoC, meeting held on 11.02.2021 (before submission of CIRP – 4 form).
Further mentioned that ‘RP further informed the members that the basis of disqualification of Plan of RARE ARC was (a) Non-Compliance with RFRP (b) 29A Non-Compliant (c) Not Providing information on being beneficiary to transaction with Green Gold Global Resources LLP’ further, in the minutes of the 18th CoC meeting dated 12.04.2021, it is mentioned that “RP apprised the members that as it has been discussed on various occasions before, the plan submitted by RARE ARC.
The Adjudicating authority viewed that Mr Subrata Monindranath Maity has not provided the correct information to the Board about ineligible resolution applicants as per section 29A in the CIRP forms despite the same being deliberated in the CoC meetings. Further found that Mr Subrata Monindranath Maity had inter alia violated Clause 2, 12 and 14 of the Code of Conduct.
Further suspended the registration of Mr Subrata Monindranath Maity for a period of one year.
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