The National Company Law Tribunal (NCLT) Mumbai bench of Shri Prabhat Kumar (Technical Member) and Justice Shri V.G. Bisht (Judicial Member) has held that restrictions on the number of Corporate Insolvency Resolution Professional (CIRP) assignments an Insolvency Professional (IP) can take is a conduct of code between the Insolvency and Bankruptcy Board of India (IBBI) and the IP. It cannot be decided by the Tribunal under section 60 (5) of the IBC.
The present application has been filed under section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking to initiate legal actions against the erstwhile Interim Resolution Professional (IRP) for alleged illegal acts. It is further prayed that all actions taken by the…