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TMI BlogCommencement of Disciplinary ProceedingX X X X Extracts X X X X X X X X Extracts X X X X ..... ssional may be appointed as interim resolution professional, resolution professional, liquidator, or a bankruptcy trustee if no disciplinary proceeding is pending against him. Some of these provisions are extracted at Annexure A. 2. The Code, however, does not define disciplinary proceeding . Section 219 envisages issue of show cause notice following an inspection or investigation and section 220 envisages constitution of a disciplinary committee for consideration of the inspection or investigation report. Various regulations made under the Code envisage issue of show cause notice based on findings of an inspection or investigation or on material otherwise available on record. They also envisage constitution of disciplinary c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) Executive Director Email: [email protected] Annexure A Disciplinary Proceedings against Insolvency Professionals Section 7(5): Where the Adjudicating Authority is satisfied that- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional , it may, by order, admit such application; or (b) default has not occurred or the application under sub-section (2) is incomplete or any disciplinary proceeding is pending against the proposed resolution professional, it may, by order, reject such application: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional : Provided that .. Section 16(2): Where the application for corporate insolvency resolution process is made by a financial creditor or the corporate debtor, as the case may be, the resolution professional, as proposed respectively in the application under section 7 or section 10, shall be appointed as the interim resolution professional, if no disciplinary proceedings are pending against him . Section 16(3): Where the application for corporate insolvency resolution process is made by an operational creditor and- (a) no proposal for an interim resolution professional is made, the Adjudicating Authority shall make a reference to the Board for the recommendation of an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame of an insolvency professional to the Adjudicating Authority against whom no disciplinary proceedings are pending. Section 97(1): If the application under section 94 or 95 is filed through a resolution professional, the Adjudicating Authority shall direct the Board within seven days of the date of the application to confirm that there are no disciplinary proceedings pending against resolution professional. Section 98(3): The Board shall, within ten days of the receipt of a reference from the Adjudicating Authority under sub-section (2), recommend the name of the resolution professional to the Adjudicating Authority against whom no disciplinary proceedings are pending. Section 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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