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TMI Blog2023 (3) TMI 748X X X X Extracts X X X X X X X X Extracts X X X X ..... oners LLP - issuance of SCN on the ground that the RP had used the name IBBI in the firm s name - violation of Section 208 of the IBC read with Regulation 7(2)(a) and 7(2)(b) of the 2016 Regulations - HELD THAT:- This Court is of the opinion that the RP could not have used the name IBBI for his own private entity which would amount to misleading the trade and industry, as also the stakeholders who ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inafter 'IBBI'), in No.IBBI/DC/09/2018. 3. The facts of the matter are that the Petitioner - Mr. Kapil Goel who is a Resolution Professional (hereinafter 'RP'), had incorporated a partnership firm by the name 'IBBI Insolvency Practitioners LLP' on 8th November, 2017. The name 'IBBI' is the name of the Board constituted under Section 3 of the Insolvency and Bankruptcy Code, 2016 (hereinafter 'IBC' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onals) Regulations, 2016 and clauses 1, 2, 10, 12, 14 and 24 of the Code of Conduct in the First Schedule for Insolvency Professionals under the said Regulations. 6.2 In view of the above, the Disciplinary Committee, in exercise of the powers conferred under section 220(2) of the Code read with sub-regulations (7) and (8) of regulation 11 of the IBBI (Insolvency Professionals) Regulations, 2016, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olation of Section 208 of the IBC read with Regulation 7(2)(a) and 7(2)(b) of the 2016 Regulations. It directed that the RP would not be entitled to take any new assignment till the entity bearing the IBBI name is removed from the Register of Companies by the Ministry of Corporate Affairs. It also directed suspension of the RP for a period of three months from the issue of the order. 5. The prese ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e name IBBI for his own private entity which would amount to misleading the trade and industry, as also the stakeholders who are involved in resolution and insolvency processes. The Disciplinary Committee's view does not deserve to be interfered with. The order has also already been given effect to by the MCA and the RP's suspension period of three months as directed by the impugned order has alre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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