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TMI Blog2021 (3) TMI 453X X X X Extracts X X X X X X X X Extracts X X X X ..... 14 of the Code of Conduct contained in the First Schedule of the IP Regulations - HELD THAT:- It is clear from Regulation 7A of IP regulations that one of the essential condition for undertaking any assignment by an IP is that he should have a valid AFA which is issued by the IPA with which he is enrolled. In other words, without AFA, an IP is not eligible to undertake any assignments or conduct various processes thereof. Regulation 7A was inserted in the IP Regulations vide notification dated 23rd July 2019 - The bye-laws of Indian Institute of Insolvency Professionals of ICAI 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Member, IBBI ORDER In the matter of Mr. Abhay Narayan Manudhane, Insolvency Professional (IP) under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016 This Order disposes of the Show Cause Notice (SCN) No. IBBI/IP/MON/2020/11 dated 27th August, 2020 issued to Mr. Abhay Narayan Manudhane, 201, Shubh Ashish, 129, Model Town, Four Bungalows, Andheri West, Mumbai-400053 who is a Professional Member of the Indian Institute of Insolvency Professionals of ICAI (IPA) and an IP registered with the Insolvency and Bankruptcy Board of India (IBBI) with Registration No. IBBI/IPA-001/IP-P00054/2017-2018/10128. Background 1.1 The IBBI had issued on 27th August, 2020, the SCN to Mr. Abhay Narayan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led an application under section 7 of the Code before Hon'ble National Company Law Tribunal (AA). The AA admitted the application and the CIRP commenced on 20th August, 2019. (ii) An appeal before the Hon'ble National Company Law Appellate Tribunal (NCLAT) against the admission order of the AA was filed by the erstwhile Chairman of the CD. The NCLAT admitted the appeal on 3rd September, 2019 and directed that, "with a view to give opportunity to Chairman of HDIL to settle claim of Bank of India, the IRP not to constitute Committee of Creditors (CoC) till next date". This direction was vacated by the NCLAT vide order dated 17th December 2020. The 106 days lost during this process were excluded from the CIRP by the AA vide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any assignment by an IP is that he should have a valid AFA which is issued by the IPA with which he is enrolled. In other words, without AFA, an IP is not eligible to undertake any assignments or conduct various processes thereof. Regulation 7A was inserted in the IP Regulations vide notification dated 23rd July 2019. 4.3 The bye-laws of Indian Institute of Insolvency Professionals of ICAI 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 by the IPs to the IPA under para ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll - (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 Section 208(2) of the Code provides that every IP shall take reasonable care and diligence while performing his duties and to perform his functions in such manner and subject to such conditions as may be specified. Further, 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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