Insolvency and Bankruptcy Board of India ( IBBI ) suspended Insolvency Professional for non-cooperation with inspecting authorities.
In the matter of Mr Ranjeet Kumar Verma, Insolvency Professional (IP) under section 220 of the Insolvency and Bankruptcy Code, 2016 read with regulation 13 of the IBBI (Inspection and Investigation) Regulations, 2017.
The IBBI, in the exercise of its powers under section 218(1) of the Code read with regulations 3(1) and 3(2) of the IBBI (Inspection and Investigation) Regulations, 2017 (Inspection Regulations) appointed an Inspecting Authority (IA) to inspectMr Ranjeet, Kumar Verma.
It was observed that Mr Ranjeet Kumar Verma was not cooperating with him in the CIRP, and he was still in the process of receiving certain documents from him. He further submitted that he has requested Mr Verma to hand over documents/details of the CD-2 as per the checklist on an urgent basis.
However, even after multiple follow-ups, he was able to receive only a few documents from Mr Ranjeet Kumar Verma. In reply to DIR, Mr Ranjeet Kumar Verma has admitted handing over documents to the newly appointed RP on the direction of AA only. As per section 23(3) of the code, he was required to provide all the information, documents and records about CD-2 in his possession and knowledge to the RP. However, he failed to do so on his own.
The authority found that Mr Ranjeet Kumar Verma has violated section 208(2)(a) of the Code, regulations 40B of the CIRP Regulations, regulation 7(2)(a) and 7(2)(h) of IP Regulations read with clauses 1, 12, 13, 14, 19 and 20 of the Code of Conduct.
It was noted that irrespective of numerous reminders dated 11.03.2022, 09.05.2022 and 11.05.2022 sent to Mr Ranjeet Kumar Verma for providing documents and furnishing records, he did not cooperate with IA in the conduct of the inspection.
Further observed that Mr Ranjeet Kumar Verma has violated sections 208(2)(a) and 218(3) of the Code, regulations 4(4) and 4(7) of the Inspection Regulations, regulation 7(2)(a) and 7(2)(h) of IP Regulations read with clauses 1, 2, 12, 13, 14, 15, 18, 19 and 20 of the Code of Conduct. The Adjudicating Authority suspended the registration of Mr Ranjeet Kumar Verma having Registration No. IBBI/IPA-002/IPN00301/2017-18/10859 for a period of one year.
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