9911796707
TMI Blog2021 (1) TMI 755X X X X Extracts X X X X X X X X Extracts X X X X ..... A which is issued by the IPA with which he is enrolled. In other words, without AFA, an IP is not eligible to undertake assignments or conduct various processes thereof after 31st December, 2019. Regulation 7A was inserted in the IP Regulations vide notification dated 23rd July, 2019, much before 31st December, 2019. The same was widely publicized in various programmes. Adequate time was given to the professionals to obtain AFA from respective IPAs. This information was made available on the websites of the IBBI as well as the IPAs. The bye-laws of ICSI Institute of Insolvency Professionals defines in para 4(1)(aa) the expression authorisation for assignment as an authorisation to undertake an assignment, issued by an insolvency profes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. However, due to administrative issues, the CIRPs commenced after 31st December, 2019, viz., 17th January, 2020 and 25th February, 2020. It is also noted that he is more than 70 years of age, is ineligible to apply for AFA and does not intend to take further assignments under the Code - DC finds that an order has been passed against Mr. Joshi on 7th September, 2020 by the Disciplinary Committee of IPA with respect to the issue raised in this SCN, i.e., accepting assignment as an Interim Resolution Professional after 31st December, 2019. The Disciplinary Committee of IPA has issued warning to Mr. Joshi in view of the fact that the date of commencement of the CIRPs is after 31st December, 2019 but the acceptance for the assignments has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r accepting the assignment in the capacity of Insolvency Resolution Professional (IRP) in the matter of the Corporate Insolvency Resolution Process (CIRP) of M/s Govindam Metals and Alloys Private Limited and M/s Rajit Rolling Mills Private Limited after 31st December, 2019 without holding a valid Authorisation for Assignment (AFA) from his IPA. 1.2 Mr. Joshi submitted reply to the SCN dated 29th August, 2020. The IBBI referred the SCN, response of Mr. Joshi to the SCN and other material available on record to the Disciplinary Committee (DC) for disposal of the SCN in accordance with the Code and Regulations made thereunder. The IP availed an opportunity of personal hearing via video conferencing before the DC on 10th September, 2020. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ills Private Limited were admitted on 17th January, 2020 and 25th February, 2020 respectively, which is after 31st December, 2019. (iii) Prior authorization is applicable only to assignments taken after 31st December, 2019 and same is not applicable in his case. (iv) He has diligently completed both the assignments and submitted various disclosures to his IPA as well as to the IBBI, therefore, he totally denied and disagreed with the allegations. (v) He has already attained age of 74 years and cannot apply for an AFA. Further, he will not take any assignment under the Code. (vi) Show Cause Notice was issued to him by his IPA in this regard vide letter dated 24th July, 2020 and he replied to the same on 27th July, 2020. Analy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icized in various programmes. Adequate time was given to the professionals to obtain AFA from respective IPAs. This information was made available on the websites of the IBBI as well as the IPAs. 4.3 The bye-laws of ICSI Institute of Insolvency Professionals defines in para 4(1)(aa) the expression authorisation for assignment as an authorisation to undertake an assignment, issued by an insolvency professional agency to an insolvency professional, who is its professional member, in accordance with its bye-laws regulation. An application for grant of AFA can be made to the IPA under para 12A of said bye-laws. Every professional member of the IPA with which he is enrolled should keep himself abreast with new professional developments. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... insolvency professional shall - (a) at all times abide by the Code, rules, regulations, and guidelines thereunder and the bye-laws of the insolvency professional agency with which he is enrolled; (h) abide by the Code of Conduct specified in the First Schedule to these Regulations; 4.6 The Code of Conduct specified in the First Schedule of the IP regulations enumerates a list of code of conduct for insolvency professionals including maintaining of integrity and professional competence for rendering professional service, representation of correct facts and correcting misapprehension, not to conceal material information and not to act with mala fide or with negligence. 4.7 In the present matter, the DC notes that Mr. Joshi accep ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
