The Insolvency and Bankruptcy Board of India (IBBI) has ordered the suspension of a registered Insolvency Professional (IP) for a period of one year.
The action stems from his conduct during the Corporate Insolvency ResolutionProcess (CIRP) of Maa Durga Rice Products Pvt. Ltd., where he submitted a resolution plan from a director of the suspended board, despite having initiated avoidance proceedings against the same individual.
The CIRP of Maa Durga Rice Products Pvt. Ltd. commenced on September 4, 2019, following an application by Bank of India before the NCLT, Cuttack Bench. Mr. Surya Kanta Satapathy, was appointed as Interim Resolution Professional and later confirmed as the Resolution Professional (RP).
How to…